HM Revenue & Customs (HMRC) has alerted businesses of the need to file company tax returns and corporation tax payments (CT) electronically.
The changes require all company tax returns sent in from April 2011 to be filed online for accounting periods ending after 31 March 2010 in a specified data format known as Inline XBRL or iXBRL. CT payments must also be made electronically from April 2011.
As well as limited companies, the changes impact other organisations paying 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 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 www.hmrc.gov.uk/ct and click "Register for Corporation Tax Online".
Additionally, HMRC and Companies House have launched a new joint filing service for company accounts.
This enables companies with relatively straightforward financial affairs, or their agents, to send their accounts in iXBRL format to HMRC as part of their company tax return and also send these accounts, or an abbreviated version, to Companies House.
For more information, visit www.hmrc.gov.uk/ct/ct-online/file-return/joint-filing.htm.
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