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New online filing procedures for company tax returns

HM Revenue & Customs (HMRC) is making important changes to corporation tax this April.

The changes will require all company tax returns sent in from April 2011 to be filed online, for accounting periods ending after 31 March 2010, in a specified data format known as Inline XBRL (or iXBRL). Company tax payments must also be made electronically from this month.

Companies will be able to file online either through commercially available software or by using HMRC’s own filing software, which is aimed at companies with less complex tax affairs.

As well as limited companies, the changes affect other organisations that pay corporation tax, including societies, clubs, associations, charities, co-operatives and other unincorporated bodies.

More information on these corporate tax changes can be found at www.hmrc.gov.uk/efiling/ctsoft_dev.htm.

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