Getting to grips with electronic tax filing
What do the changes to electronic filing on corporation tax mean for accountants, their clients and software providers? Sage’s Andy Laver explains.
The first implementations of recommendations from the 2006 Carter Report have long since filtered through thanks to a mixture of phased incentives and obligations to file VAT and PAYE documents electronically. November sees the next milestone for electronic filing following Carter’s recommendations - the new mechanism for corporation tax filing at HMRC supporting iXBRL accounts.
Initially this will work as an alternative choice to the current way that corporation tax returns are submitted, as a PDF attachment. From April 2011 iXBRL will become the only acceptable method for electronic filing of accounts with HMRC as part of a corporation tax submission.
Although no immediate action is required from taxpayers, it is recommended that accountants pilot iXBRL filing during the ‘voluntary’ period in 2010 to familiarise themselves with software changes and review internal processes before the system goes live.
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