How do I fill in the missing data on the EMI annual notification spreadsheet?

Completing the HMRC annual notification for EMI Options

Every year HMRC needs to be notified about any changes to your EMI options scheme. This is achieved through the submission of a spreadsheet listing changes and cancellations.

The Vestd platform will fill in most of this information for you, but you will need to double-check it's correct and fill in any missing info. We'll guide you through each spreadsheet entry, you should also refer to the government guidance where necessary.

To begin, log in to Vestd and go to Share schemes > Annual notifications via the homepage or side navigation bar. If you see the following message, all is correct and click Complete your annual EMI notification to start the process. 

 

If you see this warning message, you still need to submit your initial EMI notification. Follow our guide for step-by-step instructions, then you can submit your annual notification once complete. 

 

You should now see steps on how to complete your annual notification. 

 

Once you have downloaded the spreadsheet, please check each entry to ensure it matches your understanding of what's happened to your EMI options this tax year. 

Now to fill in the missing information, here's an overview of what each part means and what you need to complete: 

Sheet 1 (Adjustments) and 2 (Replaced): These sheets are only used if there have been adjustments as a result of a variation in the share capital or company reorganization. These won't be filled in automatically, please contact your accountant if any of these have occurred.

Sheet 3 (RLC): This will include any options that have been cancelled.

  • Column 2-3 - Disqualifying event: If the recipient is no longer an employee we will have completed this, but please verify the details are correct.
  • Column 8 - PAYE Reference: Please include the company PAYE reference number.
  • Column 10-12 - Money received: This has defaulted to 'no' but if any compensation was given to the employee please include details here.

Sheet 4 (NonTaxable): This includes any options that have been exercised at AMV or above.

  • Column 6 - PAYE Reference: Please include the company reference number.
  • Column 10 - AMV at the date of exercise: Please enter the value of the shares at the date of exercise. The difference between this and the price paid will be the amount you can claim as corporation tax relief. For more information please see our taxation help article.
  • Column 15 - Sold as part of exercise: Were the shares sold on the same day as part of the exercise process?

Sheet 5 (Taxable): This will include any options that have been exercised below AMV. 

  • Column 8 - PAYE Reference: Please include the company reference number.
  • Column 12-13 - AMV/UMV at date of exercise: Please enter the value of the shares at the date of exercise. The difference between this and the price paid will be the amount you can claim as corporation tax relief. For more information please see our taxation help article.
  • Column 18 - ITEPA Election: Was an ITEPA 431 election completed at exercise?
  • Column 19-20 - Approach to NI and tax paid through PAYE: Please consult the guidance notes and/or your accountant for details.


If any information is unclear please get in contact with us or your accountant/tax advisor.

 

Once you have completed the spreadsheet, read our guide for step-by-step instructions on submitting the notification to HMRC.

Please note, when you submit the notification, HMRC won't send you a confirmation email or be able to tell you anything about the submission, so we recommend making a copy of your reference number and uploading the completed spreadsheet to Vestd.

On Step 4 of the process, simply enter your reference number, choose the spreadsheet to upload to Vestd and click Upload completed spreadsheet to save the notification details. 

 

All done! This and any previous submissions are saved on your Annual notifications page. 

 

Our team, content and app can help you make informed decisions. However, any guidance and support should not be considered as 'legal or financial advice.'