All corporate tax returns and accounts need to be submitted electronically using iXBRL

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Corporate tax returns

The timetable for corporation tax returns is as follows:-

Notice to file a tax return

Every year HMRC issue a notice to file to Companies. The return must be submitted to HMRC within 12 months of the end of the Accounting period.

Payment of Tax

The due date for payment of corporation Tax is nine months and one day after the end of the accounting period, unless you are a “large” company when corporation Tax is due under the Quarterly Instalment payment regime.

Tax return submission

All Corporation tax returns, supporting documentation including financial statements must be filed online using “inline Extensible Business Reporting Language ” (iXBRL).

In plain language this means that all documents must be e-filed using this software language that HMRC computer understands and it incorporates tagging of certain figures which HMRC believe are of interest to them ie Repairs and renewals

Enquires

Under Corporation Tax Self Assessment (CTSA), HMRC check returns and have the right to enquiry into the completeness of any CTSA return.
The enquiry window is 12 months from the date of submission. In addition HMRC can make a discovery assessment after the end of the enquiry period if they can provide fraud, negligent or an incomplete disclosure.

Credit Interest

If a Company pays tax before the due date and or pays more than is due, it receives credit interest received on the amount paid early. However you do have to pay corporation tax on the credit interest.
The earliest date HMRC pay interest is 6 months and 13 days after the start of your accounting period. Finally, the current rate of credit interest is 0.5%.

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