Corporation Tax alert for businesses

Opinion

Corporation Tax alert for businesses

HMRC has issued an urgent alert about important changes to Corporation Tax coming in this April.

The changes will require all company tax returns sent in from April 2011 to be filed online, for accounting periods ending after 31 March 2010, in a specified data format (known as Inline XBRL or iXBRL). Corporation Tax payments must also be made electronically from April 2011.

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.

Companies will be able to file online either through commercially available software or by using HMRC's own Corporation Tax filing software, which is aimed at companies with less complex tax affairs. A wide range of commercial software is already available, with more coming soon.

See http://www.hmrc.gov.uk/efiling/ctsoft_dev.htm and to sign up for Corporation Tax online filing visit www.hmrc.gov.uk/ct and then click "Register for Corporation Tax Online" where you can register.

This was first published in January 2011

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