Next month to see major corporation #tax changes – Firms are being reminded that significant changes to the corporation tax system come into effect next month.
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 a 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.
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.
In order to sign up for the online corporation tax regime, firms should visit http://www.hmrc.gov.uk/ct and then click Register for Corporation Tax Online