UK and International Tax news
Corporation Tax Changes
Monday 21st March 2011
HMRC have recently announced that important changes to corporation tax filing and payment come into effect from April 2011.
From April 2011, all corporation tax payments will have to be made electronically, and all company tax returns must be filed online for accounting periods ending after 31 March 2010. The returns will also have to be filed using the specified data format, known as Inline XBRL or iXBRL.
As well as limited companies, the changes will affect other organisations that pay corporation tax, including 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, internet banking or telephone banking, BACS or CHAPS transfers and bank giro payments.
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.
If you would like to discuss the implications of this case in more detail, please contact Keith Rushen on +44 (0)20 7486 2378.Contact Us