HMRC highlights Corporation Tax changes

Wednesday, 09 March 2011 01:51

HM Revenue and Customs (HMRC) has reminded UK businesses of the changes to Corporation Tax that will come into effect next month.

From April 1st, UK companies will need to file and pay this tax electronically.

Additionally, the data must be entered using a particular format, known as Inline XBRL or iXBRL.

Businesses will be able to use a variety of methods when it comes to their electronic payment, including Bank Giro, direct debits, BACS or CHAPS transfers and several other options.

Meanwhile, firms will find that they can use a variety of software – including some from the HMRC – for their filing.

Alongside limited companies, charities, societies, clubs and other organisations that pay Corporation Tax will be subject to the new requirements.

Research by YouGov on behalf of The Association of Chartered Certified Accountants recently uncovered that four in five UK consumers do not understand the impact that tax has on their take home pay.

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