IPTO Pawn Broker Returns Filing Briefing · Confidential 15 Filing of Pawnbroker‟s Returns (
1 November 2010: Online filing of Corporation Tax returns with
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1 November 2010 Online filing of Corporation Tax returns with statutory accounts in XBRL from 2011 From 1 April 2011 for any accounting period ending after 31 March 2010, UK company tax returns must be filed online to HMRC in Extensible Mark- up Language (XML) with accompanying statutory accounts and tax computations in the inline variant of the Extensible Business Reporting Language (XBRL) format known as inline-XBRL (iXBRL). What are XML, XBRL and iXBRL? The idea behind XBRL is simple. It is a standard computer format for representing business reporting information. It uses a unique identifying tag for each individual item of financial information. It is built upon the more general eXtensible Mark-up Language (XML), the standard computer format for exchanging information online. XBRL extends this to enable easier analysis and comparison of financial information. iXBRL provides for ‘what you see is what you get’ by preserving presentational aspects, such as branding, formatting, and terminology. This should allow HMRC’s inspectors to see exactly what companies and agents file and is the format required by HMRC. What is the impact on UK companies? It is the responsibility of companies to be ready to meet HMRC requirements. Therefore: f Companies will need to ensure their internal processes and systems that support statutory accounts and tax return preparation will enable them to meet HMRC requirements. f If the company outsources preparation of its statutory accounts or tax return to a third party provider, the accuracy of submissions remains the responsibility of the company, so the company will need to ensure that together they will be able to meet HMRC requirements. It is important to raise awareness of the changes to company finance departments, as well as to tax departments, as there will be a need for co- ordination between tax and financial reporting processes. Online filing requirement Online filing to HMRC will be mandatory for all UK companies from 1 April 2011. This includes: ► CT600 in XML ► Tax computation in iXBRL ► Statutory accounts in iXBRL ► Other documents in PDF Companies therefore need to consider carefully the interdependencies of their tax and financial reporting functions and processes.
Transcript of 1 November 2010: Online filing of Corporation Tax returns with
