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ERS and EMI Reporting: The filing deadline you can’t ignore!
It’s that time of year again – Spring is well under way, the sun is starting to shine… and the 6 July deadline for Employment Related Securities (ERS) and Enterprise Management Incentive (EMI) Annual Returns is looming.
The requirements
It has become increasingly popular for companies to incentivise and retain their employees by issuing shares or granting share options. However, where a company has issued shares or granted share options to employees, directors or office-holders, they may be subject to HMRC’s Employment-Related Securities (ERS) reporting regime. This includes arrangements under tax-advantaged share schemes, such as Enterprise Management Incentives (EMI), as well as non-tax-advantaged share awards and options.
The returns cover the tax year, currently 6 April 2025 – 5 April 2026 and are due for submission to HMRC by 6 July 2026.
| | New tax year, new pressures – but planning opportunities remain
As the new tax year begins, business owners are facing one of the most challenging operating environments in recent years. Rising costs, tax changes and global and economic challenges are placing sustained pressure on margins, cash flow and long‑term planning.
Increases to the National Minimum and Living Wage, higher fuel and transport costs, elevated borrowing rates and ongoing supply‑chain pressures are all contributing to a more demanding financial landscape. For many businesses, these cost increases are difficult to pass on in full, particularly in competitive markets where customers remain price‑sensitive.
In light of these challenges, many business owners are feeling the impact of frozen tax thresholds, increased dividend rates and reduced tax reliefs – adding further strain during a period when resilience is already being stretched. | | | |
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Alex Peal becomes sole Managing Partner | |
James Cowper Kreston has recently announced that from April 2026, Alex Peal will become sole Managing Partner following six highly successful years as Joint Managing Partner alongside Sue Staunton.
Sue will be stepping down from the joint Managing Partner role to focus on continuing to grow and develop the firm’s presence and service offering in the Technology and Life Sciences sectors, as well as further developing its advisory services and leading a number of strategic projects. She will remain a key senior leader within James Cowper Kreston. | | | |
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Exit readiness: why it matters and how to prepare your business | |
For many business owners, exit planning only becomes a priority when a buyer appears. By that stage, pressure is high, options are limited, and value can easily be left on the table. At James Cowper Kreston, we believe the strongest exits are built long before a transaction is on the horizon. Exit readiness is not about selling tomorrow. It is about building a business that is resilient, valuable and attractive whenever the time is right, whether an exit is planned or unexpected. An exit is an outcome - readiness is a strategy. | | | |
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Quarterly Economic Survey Report Q1 2026 | |
The Q1 2026 Quarterly Economic Survey (QES) report, conducted between 9 February and 9 March 2026, reflects responses from a broad cross-section of businesses across the Thames Valley. Overall, the Q1 2026 report suggests businesses are holding their ground, adapting to difficult conditions, rather than experiencing renewed momentum. A sustained improvement in confidence is likely to depend on easing cost pressures and a more meaningful recovery in demand as the year progresses. | | | |
Darren O’Connor, Partner at James Cowper Kreston, commented on the report: ''The overall message is one of cautious stabilisation, but with confidence still quite fragile. Demand remains mixed, cost pressures continue to dominate, employment intentions remain relatively positive on paper, and investment remains cautious. So overall, Q1 shows resilience rather than momentum - businesses are adapting and holding their ground, but a sustained recovery will depend on easing cost pressures and a genuine improvement in demand as we move through 2026.”
To read more and download a copy of the full report, please click below. | |
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We are pleased to enclose a copy of our tax card, which summarises many of the rates and allowances fundamental to our business and personal lives, containing lots of information on personal, business, employment, property and capital taxes and is intended for use as a quick point of reference.
We are sure that you will find it a useful throughout the coming tax year. To download the tax cards, click the button below. | | | |
Once you have downloaded the PDF on your mobile, select the share button and add to your Books app or save to file to allow you to keep the document on you at all times. | |
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VAT Partial Exemption allocation of costs | |
What if a single mis-posted cost could cost your business thousands in VAT? We recently saw this with one of our clients, a UK property developer, who had mistakenly allocated repair costs for their commercial property, to their residential property, which was VAT-exempt. Small allocation errors in accounting for partially exempt businesses can have big financial consequences. Knowing how to apply HMRC’s partial exemption rules can be the difference between recovering thousands of pounds or losing it entirely.
Read our full case study by clicking below. | | | |
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New procurement rules offer SMEs hope | |
The government’s new procurement rules that target opportunities for smaller businesses offer hope to SMEs, according to the British Chambers of Commerce (BCC).
Government departments have, for the first time, set individual spending targets for SMEs to deliver over £7.4 billion a year to small businesses by 2028.
Departments have for the first time, individually set direct SME spending targets and will publish yearly progress updates ensuring they are held to account, those who fall behind will need to set out robust actions on how they will improve. | | | |
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Is your business running as efficiently and strategically as it could be? | |
Being a business owner can feel lonely, constantly wondering what you might have missed, or whether hidden opportunities could help unlock even more potential. With recent and upcoming regulatory changes, it's crucial for business owners to stay informed and prepared.
The UK government's significant reforms underscores the need for proactive planning and compliance to ensure your business's financial health and resilience.
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Take our Strategic Business Health Check today to see how you can maximise your potential. | |
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UK government to review mileage rates | |
The government has confirmed it will review approved mileage rates for business users ahead of a future Budget.
The announcement comes after more than a decade without change - despite rising fuel, insurance and maintenance costs leaving many workers covering the gap themselves.
Rachel Reeves, the Chancellor of the Exchequer, highlighted the issue earlier this month, recognising that approved mileage allowance payment rates have not changed since 2011 even as motoring costs have evolved significantly. | | | |
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James Cowper Kreston is a leading firm of accountants and business advisers with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential.
If you have any questions about the topics covered in this newsletter or want to explore how we can help you please contact us here:
Email: info@jamescowperkreston.co.uk
Call: 01635 35255
James Cowper Kreston
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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