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Companies reminded of corporation tax changes
UK companies are being alerted to the forthcoming changes to corporation tax filing and payment.
In a statement, HMRC confirmed that from 1 April 2011, company tax returns and accounts for accounting periods ending after 31 March 2010 must be filed online using the inline Extensible Business Reporting Language (iXBRL) format, the new standard designed for business financial reporting.
Corporation tax payments must also be made electronically from April.
The changes will affect limited companies as well as organisations such as clubs, societies, associations, co-operatives, charities and other unincorporated bodies.
There are a number of options for electronic payment, including: Direct Debit; debit or credit card via the BillPay service; your own bank or building society’s internet or telephone banking service; a BACS or CHAPS transfer; by Bank Giro or at participating Post Offices.
HMRC has said that companies will be able to file their accounts using the iXBRL format either through commercially available software or by using its own corporation tax filing software.
Some accountancy bodies had called for the change to be delayed amid fears that the new iXBRL technology would not be ready in time. However, HMRC has confirmed that the existing deadline will remain in place.
We can help prepare your accounts for submission to HMRC. Please contact us for further information.