| From 1 April 2011
onwards, all companies and organisations
will have to file company tax returns
online for any accounting period ending
after 31 March 2010. From the same date,
they will have to pay any corporation tax
and related payments due electronically,
for example by direct debit.
Under the changes, all corporation tax
returns and supporting documents,
including accounts and supporting
documents, will have to be filed online
using the iXBRL format.
However, HM Revenue & Customs (HMRC)
has made a concession to smaller charities
on the new arrangements, on the basis that
the way they prepare accounts means that
the accounts template included in the free
software provided by HMRC may not be
suitable for them.
It says that until it provides free
software suitable for smaller charities,
HMRC will continue to accept accounts from
smaller charities in PDF format. However,
computations must be filed in iXBRL, for
which the free HMRC software should be
suitable.
A smaller charity for the purposes of
this arrangement is one where, together
with any wholly owned subsidiaries
(companies owned by the charity), the
combined income does not exceed £6.5
million for the accounting period.
LINK:
HMRC guidance to charities
LINK:
Switching from paper to online returns
guidance |
