From 1 April 2011 all companies will be required to file the following documents online to HMRC:
- a corporation tax return CT600
- a corporation tax computation
- a full set of company financial statements
This is mandatory for all return periods ending after 31 March 2010.
What is iXBRL?
iXBRL stands for extensible Business Reporting Language. It is a way of “tagging” data within a set of accounts or computation, eg profits after tax. There are over 4,000 possible tags. Once tagged each figure can be moved and read between different software packages. Unfortunately while being a fantastic way for computers to share this information it is not readable by humans!
How can you file online?
Firstly companies are required to register with HMRC for online filing services.
If you are already using tax compliant software you may need to do some work but tagging your documents and online filing should be manageable. If you are using other software such as Excel or Word to produce your accounts then creating the required electronic documents will be a challenge and extremely burdensome.
How can Macario Lewin help?
Here at Macario Lewin we have invested in the best software so you don’t have to. Our staff are trained to address the demands of the additional work required ensuring that all documents filed meet the new HMRC standard.
You can rest assured that your compliance will be in the hands of an established firm of Chartered Accountants and Chartered Tax Advisers. Contact us today to discuss how we can help you.
Chepstow 01291 621588 / Swansea 01792 473992 / info@macariolewin.com
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