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It’s time to get ready for Making Tax Digital

Originally announced back in 2015, Making Tax Digital aims to digitise the UK’s taxation system through the use of digital records and online filing through compatible software. With just months to go before the launch of Making Tax Digital for … Continue reading

Who Could Use CATO to File Their Returns with HMRC?

In the ideal world, it wouldn’t cost businesses any money to file their annual tax returns and accounts with HMRC and Companies House, respectively. Luckily, for some companies, this dream is a reality thanks to the Company Accounts and Tax … Continue reading

Making Tax Digital and the Agent Services Account

There has been a lot of focus on how individuals and businesses can get ready for Making Tax Digital, but how do agents get involved in the process? What is an agent services account? If tax agents wish to access … Continue reading

Missed your Corporation Tax filing deadline with HMRC? You can still avoid late filing penalties

Have you been issued a penalty notice from HMRC for not filing your corporate tax returns? Worry not. You may still be exempt from late filing penalties if you are victim to a valid, excusable reason. In the UK, companies … Continue reading

Making Tax Digital for VAT Notice Released by HMRC

On 13 July 2018 HMRC released VAT Notice 700/22: Making Tax Digital for VAT. As the scheme is only months away from its scheduled launch date, businesses and accounting firms alike will likely welcome the additional clarification that this release … Continue reading

Financial Reporting Council (FRC) updates iXBRL taxonomies, effective on or after 1 January 2019

The Financial Reporting Council (FRC) has made updates to iXBRL taxonomies that will take effect on or after 1 January 2019. Keeping with the recent amendments, FRC has also said that early adoption will be accepted only if both the … Continue reading

Making Tax Digital – A step forward towards digitisation

Digitisation is the order of the day. Just as there was a wave of transformation during the late 20th century from paper-based filing to electronic filing in PDF or HTML among various regulators, there is now another wave of change … Continue reading

Country by Country Reporting: Getting It Right
  •   21 May, 2018  Posted By Karthik Sathuragiri   Posted in CbCR
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Country-by-Country (CbCR) reporting is part of Action 13: Transfer Pricing Documentation and Country-by-Country Reporting of the Base Erosion and Profit Shifting (BEPS) initiative by the OECD.   Part of a three-tiered approach CbCR is just one part of a three-tiered … Continue reading

Impact of changes in financial reporting for small and micro entities accounting standards

The FRC (Financial Reporting Council) promotes high-quality corporate governance and set the standards for accounting, auditing, and actuarial work in the UK. The quality of corporate reporting and auditing are regularly monitored by FRC. Recently, FRC published a number of … Continue reading

HMRC postpones Making Tax Digital project by another year

Making Tax Digital (MTD) for Businesses project is HMRC’s ambitious project to make the tax system advanced and efficient. After much consideration about the rate and scale of changes, the government has recently postponed the Making Tax Digital scheme to … Continue reading

Making Tax Digital reporting system beta test to begin in April, 2017 – HMRC

HM Revenue and Customs (HMRC) has confirmed plans to beta test its Making Tax Digital (MTD) reporting system in April, with up to 100 testers due to be selected for an initial pilot ahead of a more significant trial in … Continue reading

HMRC reveals responses towards Making Tax Digital for Business (MTDfB) project

A step to modernize the tax system was taken when the HMRC identified a tax gap of close of 8 billion between tax receivable and actual tax collected, owing to taxpayer errors. The roadmap to achieving this is the Making … Continue reading

Your smarter choice for iXBRL preparation

All corporate tax payers in the UK need to file their CT600 form with HMRC including the Accounts, in iXBRL format. There are several ways corporations can fulfill this requirement including, in-house, getting it done through the Accountants/Tax Advisors, or … Continue reading

Have you filed your Confirmation Statement?

Companies House and HMRC are having a busy year implementing several changes. HMRC notified tax payers about withdrawing its free CT600 and restricting access of their new online filing system CATO to unrepresented companies. HMRC also notified that support for … Continue reading

Impact of New FRS for HMRC Filing

While iXBRL conversions of financial statements and tax computations are now routine activities for corporation tax payers in UK, new challenges await filers in the latter half of this year. Ever since the Financial Reporting Council (FRC) came up with … Continue reading

Making Tax Digital
  •   28 Jun, 2016  Posted By Stephen Parnham   Posted in HMRC, Tax
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Despite assurances that the digitisation of tax reporting is going to be straightforward and simple it is likely that the process will prove time consuming, costly, worrying and turn out to be a burden on many for little, if any, … Continue reading

Companies house releases technical specification for electronic filing service

The United Kingdom is one of the countries that has chosen an interactive data (XBRL/iXBRL) platform for collection of company data. Companies House, which is the corporate regulator in the UK, was planning for mandatory XBRL collection of Annual Reports … Continue reading

How companies can reduce HMRC rejection

The transition to iXBRL (inline eXtensible Business Reporting Language) technology has enabled HMRC (Her Majesty’s Revenue and Customs) to validate the contents of accounts and tax computation statements, a feature that was not possible with the previous PDF attachments. This … Continue reading

Why HMRC Made the Right Decision to Choose iXBRL over XBRL

XBRL (eXtensible Business Reporting Language) is an open technology standard for business reporting.  XBRL is based on XML (eXtensible Markup Language).  iXBRL (Inline XBRL) is a development over XBRL, where the key enhancement lies in the rendering of tagged facts … Continue reading

More Tips for successful iXBRL filing with HMRC

As we enter the peak season of iXBRL filing in the United Kingdom, there is a buzz of activity in the market around companies, accounting firms along with iXBRL software and service providers. While a good number of accounting firms … Continue reading



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