Interesting News

Government to press ahead with new company accounts filing system

The Treasury has decided to keep to its timetable for the introduction of a new system for the filing of company accounts. This is despite the fact that a number of tax bodies have written to the Government urging a delay.

The new system, which uses the iXBRL computer language, is due to come into effect as from 1 April 2011. Under the changes, all company tax returns sent in from April 2011 must be filed online for accounting periods ending after 31 March 2010 and in the Inline XBRL or iXBRL format. Corporation tax payments must likewise be made electronically from April 2011.

The Government promised that HM Revenue and Customs (HMRC) will take an understanding approach during the initial stages of the new system. Companies that make reasonable errors in their corporation tax submissions will not face any penalties.

HMRC has said that they will be particularly sympathetic in the first two years: “For returns submitted and accepted, we will not penalise missing or incorrect tagging. There is no legal provision for such a penalty unless the errors have led to a loss of tax.”

Please don’t forget that we are here to help make sure your company is able to comply with the new rules.


Alan Williams
Director

For more information contact Alan Williams, Director, on 023 8046 1200.

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