Jules

1

The use of iXBRL in tax and the new corporation
tax filing rules
Anita Monteith Technical Manager, Tax Faculty
2
(No Transcript)
3
The birth and growth of mandatory e-filing

• The beginning
• March 2006, Lord Carter of Coles, Review of HMRC
  Online Services
• Income tax self assessment filing date
• Payroll
• VAT
• Corporation tax

4
2012

• Olympics
• Date by which HMRC should aim for all business,
  and all IT literate individuals, to be filing
  returns online

5
What will be required?

• Online filing for all corporation tax (CT)
  returns and electronic payment of corporation tax
  
• CT600 corporate return
• Computations
• Accounts
• Filing must use the inline extensible business
  reporting language (iXBRL)

6
Exactly when from?

• For accounting periods ending after 31 March
  2010, and
• the return is delivered after 31 March 2011
• eg Festive Ltd prepares its accounts for the year
  ended 30 June 2010, its CT return will be due by
  30 June 2011

7
Which companies?

• All companies, associations and clubs which must
  file CT returns
• Unincorporated bodies such as clubs, associations
  and some charities may attach accounts as a PDF

8
(No Transcript)
9
How do you know what to tag?
 Taxonomy  Full List  Minimum Tagging List
UK GAAP 4,375 1,182
UK IFRS 3,400 TBA before 31/12/09 expect lt1600
Common Data 900 N/A
Corporation Tax Computational 4,549 1,350
10
What should you do next?

• How do you file now? Who does what?
• Who will do what?
• Possibilities?
• Proprietory software
• Tax software
• Accounts package?
• Accounts in word, excel, or on paper?
• Free HMRC Adobe product

11
Old HMRC product

• EzGov, the company which provides the existing
  online filing service for CT. This allows
  electronic submission of
• A basic version of the CT600.
• Some supplementary pages.
• PDF attachments for accounts, computations and
  other supporting information.

12
New HMRC free filing product

• A downloadable PDF, which covers the form CT600
  Company Short Tax Return and the following
  supplementary pages
• CT600A (Loans to participators by close
  companies)
• CT600E (Charities and Community Amateur Sports
  Clubs)
• CT600J (Disclosure of tax avoidance schemes)
• It also includes accounts and computations
  templates

13
The soft landing

• A two- year period during which anyone who has
  tried to comply, but failed, will not be
  penalised.

14
Paying Corporation Tax electronically

• With effect from 1 April 2011 will mean
• Paying by direct debit
• Paying by internet, telephone banking or BACS
  direct credit
• Paying by debit or credit card over the internet
  Billpay
• Paying by CHAPS transfer
• Paying by bank giro
• Paying at the Post Office

15
Keep in touch

• register for our free weekly newswire
• www.ion.icaew.com/TaxFaculty