Who this applies to
Any company with a registered employment related securities (ERS) scheme whose 2025 to 2026 end of year return, or nil return, was due by 6 July 2026 and has still not been filed. That covers every scheme type: EMI, CSOP (now also called EMI2), SAYE, SIP and non-tax advantaged arrangements. Each registered scheme needs its own return or nil return.
The dates for a 2025 to 2026 return
| Date | If the return is still not filed | Total |
|---|---|---|
| 7 July 2026 | £100, automatic | £100 |
| 6 October 2026 | A further £300, automatic | £400 |
| 6 January 2027 | A further £300, automatic | £700 |
| 6 April 2027 | HMRC may charge £10 a day. This is not automatic. | £700, plus any daily penalty |
GOV.UK describes these as 3, 6 and 9 months after the original deadline. The dates in the table are our working from the law, which counts each period from the due date. See Schedule 5, paragraph 57B of the Income Tax (Earnings and Pensions) Act 2003.
Filing stops the next penalty. It does not cancel the £100 and £300 already charged. For that you need to appeal.
Older returns still outstanding
A 2024 to 2025 return was due by 6 July 2025. Working from the same law, its 6 month point was 6 January 2026 and its 9 month point 6 April 2026. If it is still not filed, the £700 has already applied and HMRC may now charge £10 a day. File it as well, as soon as you can.
Use the current templates if you file now
HMRC published new version 7 templates on 2 November 2026, but its bulletin 70 says they cannot be submitted before 6 April 2027. A return filed before 6 January 2027 goes on the current templates:
| Scheme | Template to use now |
|---|---|
| EMI | Version 4 (sheet names end _V4) |
| CSOP or EMI2, from the 2023 to 2024 tax year | Version 5 (sheet names end _V5) |
| SAYE, SIP and non-tax advantaged | Version 4 |
HMRC's checking service checks the current templates until 5 April 2027. See HMRC's new version 7 templates for what changes after that.
How to file before 6 January 2027
- List every scheme. Sign in to the ERS online service and go to "View schemes and arrangements". Note every scheme without a 2025 to 2026 return.
- File the nil returns first. A scheme with no reportable events needs a nil return: answer no when the service asks about reportable events. There is nothing to upload. See nil returns.
- Build each file on the current template. See the EMI annual return or the CSOP annual return.
- Check it. Run each file through HMRC's checking service and fix anything it lists.
- Submit and keep the receipt. Upload under "Submit annual returns" for 2025 to 2026. Download the submission receipt: it shows the date and time you filed.
- Close schemes you no longer use. Enter the final event date and file the last return or nil return. Only the company can end a scheme; an agent cannot.
Using an accountant who is not yet authorised for ERS? Authorisation needs a code that HMRC posts to the company. See ERS agent authorisation, and allow time for the post.
If you cannot file in time
The 6 month penalty is automatic. If something stopped you filing, file as soon as it ends and then appeal. HMRC may cancel or change a penalty if you had a reasonable excuse and filed without unreasonable delay once it ended. See how to appeal an ERS penalty.
Questions
What happens on 6 January 2027?
If a 2025 to 2026 ERS return or nil return is still outstanding 6 months after the 6 July 2026 deadline, HMRC charges a further automatic £300. That takes the total to £700.
Which template should I use for a late 2025 to 2026 return?
The current one: version 4 for EMI, SAYE, SIP and non-tax advantaged, and version 5 for CSOP from the 2023 to 2024 tax year. HMRC says the new version 7 templates cannot be submitted before 6 April 2027.
Does filing now cancel the penalties already charged?
No. Filing stops the next penalty. To have a penalty cancelled or changed you need to appeal with a reasonable excuse.
Does a nil return count?
Yes. A nil return is how you file for a scheme with nothing to report, and it stops further late filing penalties in the same way.
Based on HMRC's published guidance: Check how to deal with an ERS penalty. ERS bulletin 70 (November 2026). Submit returns for ERS. Schedule 5, paragraph 57B, ITEPA 2003. Register your ERS scheme. Checked on 2 November 2026. This is general guidance, not tax advice, and HMRC's own pages take priority if they change. Share Scheme Return is not affiliated with HMRC.
File before 6 January 2027
Load your scheme data and see every row that breaks HMRC's published rules, with the reason and the fix. Then build your return on HMRC's current template. Nothing is uploaded, and checking is free.