Who files it
HMRC's guidance says the company secretary, or the person acting as company secretary, must complete an online end of year return on or before 6 July for each registered EMI scheme. An agent, such as your accountant, can submit it for you.
Attachment or nil return?
- Attachment: needed where there are outstanding qualifying options and there has been activity in the tax year, such as an exercise, lapse, cancellation, adjustment or replacement.
- Nil return: needed if the scheme is registered but there are no outstanding qualifying options, or there are options but no activity in the tax year. There is no file to upload. See nil returns.
What goes on the return
HMRC's EMI template has five sheets. Fill in only the ones you need, but upload the whole workbook, blank sheets included.
| Sheet | Events |
|---|---|
| EMI40_Adjustments_V4 | Adjustments of options, for example after a variation in share capital |
| EMI40_Replaced_V4 | Options replaced with options over another company's shares |
| EMI40_RLC_V4 | Options released, lapsed or cancelled |
| EMI40_NonTaxable_V4 | Exercises with no tax charge |
| EMI40_Taxable_V4 | Exercises with a tax charge |
New grants do not go on the annual return. They are notified to HMRC separately. See which EMI sheet each event goes on.
Step by step
- Download the current EMI end of year template from GOV.UK. You can create your own CSV files from HMRC's technical note instead.
- Enter your events from row 10 down, one row per event or employee. Do not rename, move or delete sheets, rows or columns.
- Check the formats: dates as yyyy-mm-dd, values to 4 decimal places and share numbers to 2, NI numbers, follow-on answers and no N/A.
- Check the file. HMRC's checking service, under "view my schemes and arrangements" in the ERS online service, tells you where any formatting errors are. You can use it as often as you like.
- Submit: sign in to the ERS online service, choose the scheme, select "Submit annual returns" for the tax year, answer the questions on screen and upload the file. See how to submit an ERS return.
- Save a copy of your completed template before you submit, and download the submission receipt. The online service does not keep a copy for you.
Correcting a return after you submit
Submit a new end of year return with all the correct details. It replaces the one you already submitted. Keep the amended template and the new receipt.
Where Share Scheme Return fits
It does steps 1 to 3 for you. Load your option register, and it puts each event on the right sheet, checks every row against HMRC's rules and fills in HMRC's template. Checking is free. You still check and submit the return yourself.
Based on HMRC's published guidance: EMI guidance notes. EMI technical note. Submit returns for ERS. Checked on 21 October 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.
Let the free checker find these for you
Load your option register or finished return and see every row HMRC is likely to reject, with the reason and the fix. Nothing is uploaded, and you don't need an account.