Important Company Tax Return Changes

HM Revenue & Customs have announced some important changes to the way you file your Company Tax Returns from 1 April 2011.

1. Company Tax Returns go online
2. Shared filing format for HMRC and Companies House
3. New HMRC bank account details

For accounting periods ending after 31 March 2010, you must file your Company Tax Return online using iXBRL format for accounts and computations. The calculation of Corporation Tax and the information included in your return will remain exactly the same although you’ll also need to pay electronically.

HMRC provides its own version of online filing software for companies with less complex tax affairs. Alternatively, there are several commercial software packages that support the new iXBRL data format already available, with more to be available shortly.

To make the change easier, HMRC and Companies House have adopted the same iXBRL format. The HMRC Corporation Tax online filing software will be extended later this year so you can also submit your accounts to Company House. It is also expected that commercial software offering this facility will become available later this year.

Finally, HMRC switched banks during 2009, which means their bank account details have also changed. Future payments should be made using the new details. For more information, click here.

For more information on any of these new changes, visit the HM Revenue & Customs website here.