TaxCorporate TaxAdvisers relieved as corporate tax rules clarified

Advisers relieved as corporate tax rules clarified

CIoT flags up potential changes to iXBRL corporation tax filing rules, which will ease advisers' concerns about what's expected of them under the legislation

Concerns that tax advisers would have to check clients’ corporation tax
returns when filed in a new data format have been allayed.

In a technical note on the CIoT’s website, the institute said that HM Revenue
& Customs would revise the direction of legislation for corporation tax
returns to be filed in the
iXBRL
format.

The institute was concerned that the legislation put the onus on tax advisers
to check their clients’ returns were complete and correct – a particular problem
where the company was also an audit client.

Filing under the iXBRL format will see the separate pieces of tax data filed
“tagged”, allowing the information to be easier to search for and compare with
similar tax information.

Further reading:

HTML
– XML – XBRL – iXBRL – what’s it all about?

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