1 / 12

Corporation Tax Compulsory Online Filing

Corporation Tax Compulsory Online Filing. The HMRC Perspective Jen Little HMRC Carter Programme. Corporation Tax Compulsory Online Filing. The HMRC Perspective Julian Hatt HMRC Carter Programme. Corporation Tax Compulsory Online Filing. The HMRC Perspective Jeff Smith

geordi
Download Presentation

Corporation Tax Compulsory Online Filing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Corporation TaxCompulsory Online Filing The HMRC Perspective Jen Little HMRC Carter Programme

  2. Corporation TaxCompulsory Online Filing The HMRC Perspective Julian Hatt HMRC Carter Programme

  3. Corporation TaxCompulsory Online Filing The HMRC Perspective Jeff Smith HMRC Carter Programme

  4. Benefits • Compulsory online filing and electronic payment will deliver benefits to • HMRC • UK plc – all of us, as taxpayers • And to • CT paying businesses

  5. Benefits to Taxpayers • Online is secure, speedy and certain: with iXBRL we see exactly what you send • Better data, and smarter use of data. That is good for HMRC and good for customers • Greater focus on high risk = less intervention for low risk businesses • Less no-value / low-value contact • Enquiries more targeted and quicker • Improved tax policy making

  6. Better data and smarter use Accounts CT Comps CT600 Company Tax Return – submitted online with accounts and CT comps in iXBRL Human readable format computer readable format Resolution Holding Database Inspector Analysis capability Risks identified Intervention Define /develop risk parameters Risk Mart Policy making Other databases

  7. Better Interventions • Early identification and quick resolution of simple errors • Apply risk parameters to • deselect low risk cases • flag items outside ‘norms’ • Better targeted questions during interventions • Continually develop our picture of risks and norms

  8. Software • HMRC product is in place and operational. • Suitable for businesses with less complex tax affairs • For others, will be key that they - • identify the right approach to going online: FAP software or conversion tools • getting the right software to support their chosen approach

  9. HMRC Recognition of Software • HMRC does not ‘recommend’ or ‘approve’ but does have ‘test’ and ‘recognition’ processes • Software developers can test that their products will work with HMRC’s systems • ‘Recognition’ process currently • Based on 3 sets of ‘standard’ accounts and comps provided by HMRC • Developers use their product to produce and submit iXBRL version • HMRC review to ensure completeness

  10. Currently Recognised Commercial Software • 5 developers’ iXBRL products/services have been recognised • 7 developers have been recognised for being able to submit iXBRL documents prepared using other software • 2 other developers’ products going through recognition now • Bulk software releases will be in Spring and Autumn 2010 • www.hmrc.gov.uk/efiling/ctsoft_dev.htm will give latest position with recognition

  11. Working together • No impossible hurdles: we want to make this work • Want to hear your concerns and work with you to resolve them • Many sources of help and support • Website • Guidance • CRMs • Rep Bodies • Carter Team

  12. Soft Landing • The key is working together - to make this work for all of us • Help and support in the implementation phase • Appreciate not everyone will get it exactly right first time • Particularly sympathetic approach to penalties in first two years • Reasonable Excuse • Reasonable Care • Working with you to get it right

More Related