CorporationTax – online filing
From 1 April 2011 it will become compulsory to file corporation tax returns and supporting documentation online. This will apply for all accounting periods ending on or after 31 March 2010. In addition, all payments due on or after 1 April 2011 must also be paid electronically.
There is a new online corporate tax filing system being developed by HMRC that will allow small companies to file corporation tax returns online. HMRC are also approving commercial software which will enable filings to synchronise directly from a business’s own software to HMRC’s systems. The commercial software will need to support the business reporting language XBRL by April 2011 and this should be borne in mind by businesses looking at purchasing new commercial software over the next year or so.
It will also be possible to make other changes online such as amending tax returns, changing accounting periods and contact details.
It is also planned that joint submission of annual accounts and corporation tax returns will be available from 2011. This will allows 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.