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The Times - Markets
Tue, 15 Jun 2010 00:01:00 GMT
The aroma of refried bid rumour wafted across the City yesterday as traders whispered once again that the Mexican billionaire Carlos Slim may be teeing up a move on Fresnillo.
Tue, 15 Jun 2010 00:01:00 GMT
Drip, drip, drip. That’s not the flow of bad news from United Utilities but the sound of Philip Green, its chief executive, steadily shrinking the“confused mini-conglomerate”that he took charge of four years ago.
Corporation Tax Changes Reminders
HM Revenue and Customs (HMRC) is in the process of contacting some half a million companies, advising them of important changes to the way that corporation tax is to be filed in the future.
The letter contains a leaflet that sets out details of the new filing system.
After 31 March 2011, all company tax returns will need to be delivered online for those accounting periods that end after 31 March 2010.
Also after 31 March 2011, corporation tax returns must be submitted electronically in a particular format called Inline XBRL (iXBRL).
HMRC said that companies will be able to file online either through commercially available software or by using HMRC’s own filing software, aimed at firms with less complex tax affairs.
Companies won’t need to alter their accounting processes to comply with the new system as either HMRC’s filing software or their commercial software will do this for them.
Mark Holden, HMRC’s director of Carter Programme, commented:
“While March 2011 might seem a long way away, agents and businesses need to be thinking about these changes now, as they will affect accounting periods ending after 31 March next year.”
Mr Holden said that HMRC is hoping to release its corporation tax filing software towards the end of this year.
A number of commercial products should be available to support the iXBRL standard from November 2009, with more to follow.
Mr Holden added:
“This will mean the majority of companies who wish to familiarise themselves with filing online before it becomes compulsory will have the opportunity to do so.”
Date:21 August 2009
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Second £100 penalty if 2008/09 tax return due on 31 January 2009 still outstanding.