|
|
16 Nov 2010
SMALL CHARITIES will not have to submit company tax returns in a new technology format as HM Revenue & Customs is unable to supply free software.
From 1 April 2011 all company tax (CT) returns must be submitted in iXBRL (inline eXtensible Business Reporting Language), a technology format designed to make comparison of financial reports easier.
Further reading
HMRC has provided an assortment of free iXBRL software for smaller companies to submit tax calculations, company tax returns and accounts.
However, a statement from HMRC said it recognises accounting principles applicable to smaller charities, with total income of less than £6.5m, means the free template provided may not be "suitable".
HMRC has said it will allow small charities to continue filing CT in pdf format, however tax calculations will need to be in iXBRL format as free software is available.
HMRC has also published guidance for smaller charities on how to complete tax returns online and in iXBRL format.
The guidance can be found at the HMRC website.
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment