TXF6 UK
Syllabus A. UK Tax System & Administration A3. Self-assessment

A3b. Companies

Syllabus A3b)

Explain and apply the features of the self- assessment system as it applies to companies, including the use of iXBRL.

Companies must submit a corporation tax return within 12m of their period end

They must pay the tax within 9m + 1day of their 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

Inline eXtensible Business Reporting Language (iXBRL)

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 which produces iXBRL information.

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