ICAEW The use of iXBRL in tax and the new corporation tax filing rules Anita Monteith Technical Manager, Tax Faculty

ICAEW

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

ICAEW 2012 Olympics Date by which HMRC should aim for all business, and all IT literate individuals, to be filing returns online

ICAEW 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)

ICAEW 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

ICAEW 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

ICAEW

How do you know what to tag? Taxonomy Full List Minimum Tagging List UK GAAP4,3751,182 UK IFRS3,400 + TBA before 31/12/09 – expect <1600 Common Data900N/A Corporation Tax Computational 4,5491,350

ICAEW 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

ICAEW 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.

ICAEW 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

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

ICAEW 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

ICAEW Keep in touch register for our free weekly newswire