Firms and clubs warned of tax changes
NOT just businesses but clubs, societies, associations, co-operatives, charities and other unincorporated bodies that are liable for corporation tax will have to file returns and pay the tax differently after April, HMRC has warned.
The changes will require all company tax returns sent in from April 2011 to be filed online, for accounting periods ending after March 31, 2010, in a specified data format known as Inline XBRL or iXBRL. CT payments must also be made electronically from April 2011.
Companies will be able to file online either through commercially available software or by using HMRC’s own CT filing software, which is aimed at companies with less complex tax affairs.
To sign up for corporation tax online filing visit www.hmrc.gov.uk/ct and then click ‘register for corporation tax online’.
But some things are getting simpler – HMRC and Companies House have launched a new joint filing service for company accounts.
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It means that companies with relatively straightforward financial affairs, or their agents, can send their accounts in iXBRL format to HMRC as part of their company tax return, and also send these accounts, or an abbreviated version, to Companies House.
INFORMATION: Before you can use this service, you need to have registered for HMRC online services and enrolled for corporation tax online. You then use HMRC’s corporation tax online filing software to submit your accounts to both organisations using a template. More at www.hmrc.gov.uk/ct/ct-online/file-return/joint-filing.htm
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