Corporation Tax changes effective from next month
HM Revenue & Customs is reminding UK companies that 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, using a specified data format, known as Inline XBRL (eXtensible Business Reporting Language) or iXBRL for short.
Companies need to register online at www.hmrc.gov.uk/ct where they can follow the "Register for Corporation Tax Online" link. HMRC’s have available a CT filing software, which is aimed at companies with less complex tax affairs, although there are also many commercially available software packages.
Payment can be made via the usual electronic methods including: Direct Debit; debit or credit card via the BillPay service; your own bank or building society’s internet or telephone banking service; a BACS or CHAPS transfer; by Bank Giro and also at participating Post Offices.
The changes will not only affect limited companies but also other organisations including clubs, societies, associations, co-operatives, charities and other unincorporated bodies that are liable for corporation tax.
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