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Small businesses urged to prepare for Corporation Tax changes

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Wednesday January 12, 2011 at 1:35pm

Small business owners across the UK could be advised to seek the help of a specialist tax accountancy service following a recent alert from the government.

HM Revenue & Customs (HMRC) has published an "urgent" reminder that important changes to Corporation Tax are due to be enforced in April this year.

As such, all company tax returns sent in from April 2011 must be filed online in a specified data format known as XBRL or iXBRL.

The changes will also mean that Corporation Tax payments can only be made electronically.

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

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

Confused by all of this? I’d be happy to help. Just give me a call on 0121 764 5161.

Andy Parker

Tax Accountant Birmingham

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