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Benefits of Compulsory Online Filing for Corporation Tax from HMRC's Perspective

The transition to compulsory online filing and electronic payments for Corporation Tax (CT) is set to bring significant advantages for HMRC, UK businesses, and taxpayers. By utilizing iXBRL technology, HMRC can receive and process data more effectively, leading to enhanced accuracy and quicker resolution of tax-related issues. This approach promotes targeted interventions, allowing low-risk businesses to face fewer disruptions. HMRC also emphasizes collaboration with software developers to ensure compatibility and assists businesses in navigating this transition smoothly to optimize tax compliance.

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Benefits of Compulsory Online Filing for Corporation Tax from HMRC's Perspective

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

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

  3. Taxpayer benefits • 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

  4. Better data and smarter use Accounts Comps CT600 Return – submitted online using 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

  5. 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

  6. 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 • getting the right software to support their chosen approach

  7. HMRC Recognition of Software • HMRC does not ‘recommend’ or ‘approve’ but do have ‘test’ and ‘recognition’ processes • Software developers can test that their products will work with our 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

  8. Currently recognised • To date 6 iXBRL products passed recognition: includes Comps Production and Conversion packages for Accounts • [x] products applied for and going through recognition now • Bulk software releases will be in Spring and Autumn 2009 • www.hmrc.gov.uk/efiling/ctsoft_dev.htm will give latest position with recognition

  9. 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

  10. 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

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