All corporate tax payers in the UK need to file their CT600 form with HMRC including their Accounts, in iXBRL format. Getting the financial statements tagged with the help of

As a new business owner and an employer, running a burgeoning business definitely does mean a lot not only to you but also to the UK government and the Tax Regulator. If HMRC has issued a ‘Notice to Deliver a Company Tax Return’ and if you already have received one, it’s time for you to convert your Financial Statements to iXBRL format and file your tax returns with HMRC.

In international business, transparency is now the need of the hour as the tax landscape goes through multiple changes. The equitable and unprejudiced payment of taxes on the part of multinationals in countries they operate and operated in is constantly under the vigilance of the media, NGOs and lobby groups.

If you run a micro-entity, it is imperative that you are aware of the legislation regarding your tax filing procedures. A micro-entity must comply every year to Companies House else there could be serious consequences. The registrar might assume that the company is dormant and strike it from the register.

With the advent of digital technology for quite a while now, it has become desirable for banks, financial institutions, corporates or even individuals to upload files and returns online, in keeping with secured transactions and compliance.

However, as the tagging process itself can take time, you need to make sure that you’re on top of your tagging obligations so that you don’t miss your company’s tax return filing deadline.