HMRC has made some of the very important changes to the way we file company tax returns.
- Company tax returns go online
- Shared filing format for HMRC and Companies House
- New HMRC bank account details
From 1 april 2011 onwards, you must file your Company tax return online using iXBRL format for accounts & computations. There is no issues about calculation & information you include in your tax returns, it will remain exactly same. You'll also need to pay electronically. However, if you don't file your company tax return online by the due date and in the correct format, you could face a penalty.
What is iXBRL?
iXBRL is an IT data standard designed specifically for financial reporting, not just for tax filing. But, its very easy & convenient to use, you don't need to be IT expert to file online.
HMRC & Company house have adopted the same iXBRL format. Now, its very easy to send your accounts which you prepared for your shareholders to Company house online.