Corporation Tax online filing
HMRC is writing to 500,000 companies and tax agents concerning the pending obligation for all company tax returns to be filed online.
This will apply to:
- online filing of Company Tax Returns for all returns delivered after 31 March 2011 for accounting periods ending after 31 March 2010
- electronic payment of all Corporation Tax liabilities after 31 March 2011
The mail-shot also explains how all Corporate Tax returns must be filed using XBRL standard using either HMRC’s own software or third-party commercial software. Businesses will not need to change their accounting systems to file online using XBRL standard.
HMRC hopes to launch its software later this year and is working with a number of third-parties to launch software which meets the XBRL standard.
HMRC anticipate that joint submission of annual accounts and corporation tax returns will be possible from 2011. This will allow for one submission to cover both filings although the Companies House and HMRC filing dates will not change. Further details will be announced as they become available.