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Corporation Tax Update: Online Filing Alert

HMRC has recently announced changes to online filing of company tax returns and payment of corporation tax.

All company tax returns sent in from April 2011, for accounting periods after 31 March 2010, must be provided in a format specified by HMRC (Inline XBRL or iXBRL). Corporation tax payments must also be made electronically from April 2011.

These changes also apply to non-commercial organisations if they pay corporation tax, such as clubs and charities. HMRC has provided a list of commercial providers of suitable software at www.hmrc.gov.uk/efiling/ctsoft_dev.htm, but free HMRC software is also available, though more suitable for companies with less complex affairs.

However, there is some concern that the relevant software is not yet available, and that it will therefore be difficult for companies to both install and familiarise themselves with it prior to 1 April 2011.

To find out more about these changes and to register for online filing, visit www.hmrc.gov.uk/ct and click on ‘Register for Corporation Tax Online’.

John Bloxham

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