HMRC published corporation tax change reminder

Date: 14th March 2011

With the new tax year fast approaching, small businesses operating in the UK have been reminded of forthcoming changes to corporation tax.

HM Revenue & Customs (HMRC) has published a reminder that April will see a number of changes to the tax introduced.

The changes centre on the filing and payment process of the tax. From April onwards, all payments will have to be made electronically.

Company tax returns will also need to be filed online for the accounting periods ending after March 31st 2010 using the new XBRL or iXBRL computer languages used by HMRC.

"As well as limited companies, the changes will affect other organisations that pay corporation tax, including clubs, societies, associations, co-operatives, charities and other unincorporated bodies," the department explained.

"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."

Posted by Emily Smith