Law Management Blog

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CORPORATION TAX CHANGES DUE IN APRIL

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Major changes to Corporation Tax (CT) are just around the corner and companies across the UK are being reminded of the new obligations under the reforms.

From April, all CT 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.

Organisations that pay corporation tax, such as clubs, societies, associations, co-operatives, charities and other unincorporated bodies will be impacted as well as all limited companies.

For those affected, there are a number of options for electronic payment, from Direct Debit, debit or credit card and through your own bank or building society’s internet or telephone banking service. BACS or CHAPS transfer and Bank Giro at participating Post Offices are also welcome.

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.

To sign up for Corporation Tax online filing visit http://www.hmrc.gov.uk/ct and then click “Register for Corporation Tax Online” where you can register.

For more on CT changes, contact our experts today.

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Written by Andrew Hodges

March 18, 2011 at 3:02 pm

Posted in Comment, LinkedIn

Tagged with , ,

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