Compulsory Online Filing of Company Tax Returns & Electronic Payment of Corporation Tax: Draft Legislation
Following the publication of draft regulations for compulsory online filing of Company Tax Returns, HMRC have now published the draft directions which provide outline detail on a number of areas within the regulations.
The proposed amendments will provide new compulsory rules for Corporation Tax as follows:
- online filing of Company Tax Returns using XBRL standard for all returns delivered after 31 March 2011 for accounting periods ending after 31 March 2010
- electronic payment of all Corporation Tax liabilities after 31 March 2011
The draft directions include outline information on authenticating the identity of the sender, authenticating company Tax Returns and brief details on mandatory electronic payments.
Full details of the draft directions are available from http://www.hmrc.gov.uk/drafts/ct-online.htm