HMRC announces Corporation Tax changes

Date: 10th January 2011

Small business owners operating in various industries across the UK could be advised to seek the help of a specialist tax accountancy service following a recent alert from the government.

HM Revenue & Customs (HMRC) has published an "urgent" reminder that important changes to Corporation Tax (CT) are due to be enforced in April this year.

As such, all company tax returns sent in from April 2011 must be filed online in a specified data format known as XBRL or iXBRL.

The changes will also mean that CT payments can only be made electronically.

"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," HMRC 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 Thomas Fletcher