ACCA ATX ^UK Syllabus A6. Value Added Tax - The features of self- assessment system for companies - Notes ^{2 / 2}

They must pay the tax within 9m + 1day of their chargeable period end (CAP) but they do not have to file their return until 12 months after the CAP end.

Therefore many submit their corporation tax return before the 9m + 1day payment deadline too

Features of self assessment for companies

• Must be done online

• Financial statements are submitted along with it - using iXBRL

iXBRL?!! See this is what happens when you let a bunch of accountants try to come up with something "cool" :)

iXBRL allows for the exchanging of business information electronically and tags the accounts so they can be read by a computer

HMRC then uses online software to read the iXBRL info

Other Options

1. Integrated Software Applications

   These automatically insert the iXBRL tags and produces accounts/computations in the iXBRL format

2. Managed Tagging Services

   Company outsources this tagging process

3. Conversion Software

   Applies tags and so converts the info into iXBRL