New HMRC requirements from 1 April 2011

Filing:   Your corporation tax computations and statutory accounts will have to be filed online in a specified format, called iXBRL. This format provides a unique computer-readable code or tag for every piece of information in a set of statutory accounts.

Some accounts production software has been updated in order to deal with this.  Where your uses this software to produce your accounts, a lot of the tagging will be done automatically.  The accounts will need to be reviewed to ensure that the tags are both complete and accurate.  Any manual tags which are required will need to be added.  The associated taxation software will prepare the return and computation in iXBRL format, and this will also be reviewed.

If your accounts are prepared in word then a special piece of conversion software is required. This can be licensed but is expensive as a one off.

Further extension of the tagging is due in 2013 and we will keep you informed of any developments.

Payment:   From 1 April 2011 corporation tax will have to be paid electronically.  Cheques will not be acceptable direct to HMRC, although most banks and the Post Office have ways of dealing with cheques for you.

You can make payments electronically using the following methods:  Internet or telephone banking, BACS Direct Credit, Direct Debit, Debit / Credit card, CHAPS.

If you have any questions or if you require any further details then please do not hesitate to contact us.