Great! You have received a response from HMRC approving your valuation. Here are your next steps:

1. Adopt your Option Scheme and register it with HMRC!

a) Finalise your Option Scheme Rules. To access the Option Scheme Rules and Board Resolution please click ‘Manage’ under the relevant scheme from your homepage, then click the arrow next to EMI Scheme. Go through all the terms in your scheme to check you are happy with them.

b) Hold a Board meeting to approve the scheme and HMRC's valuation. After the meeting, record it with the Board Resolution in your Option Scheme. Make sure the adoption date at the top of your scheme page matches the date you held the Board meeting. The chairman signs the Board Resolution.

c) Register your EMI Scheme with HMRC via its online service. Please follow these steps to do so. You must register your scheme with HMRC before you notify HMRC of any options granted to employees.

d) Mark the valuation as approved on the platform, with the date it was approved. This can be done if you scroll right to the bottom of your valuation on the SeedLegals platform.

2. Grant options to your employees

You must grant EMI options within 120 days* of the valuation being approved.

Please see this guide on creating an options grant on SeedLegals or watch this video.

You can grant options right from the Option Scheme homepage.

*Please note that due to Coronavirus, any EMI Valuations that expire on or after 1 March 2020, and any new EMI Valuations created on or after 1 March 2020 can automatically be treated as having been extended by 30 days, so that they are valid for a total of 120 days. ( See HMRC Employment Related Securities Bulletin 35 (June 2020))

3. Notify HMRC of these option grants

Within 92 days of granting these options, you must notify HMRC of these option grants. See our guide How to notify HMRC about the granting of an EMI Option.

Once completed drop us a note and we're happy to check through everything to make sure all has been completed correctly.

For more articles please view our help centre page EMI Option Scheme - step by step guides on how to complete a valuation and grant options!

Other articles you might be interested in include:

Step by step guide to creating an EMI Option Scheme

How to grant options

How to create an option pool

Shares vs options: what’s the difference

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