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Starting in early 2010 CCH will be issuing a series of eBulletins to help you prepare for the forthcoming changeover to mandatory electronic filing; these will combine to give you a practical iXBRL survival guide.
In the meantime here are a few key tips for preparing for the new regime:
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Dont panic The move to electronic filing for agents filing self assessment returns happened a number of years ago and it went relatively smoothly. There is no reason to assume anything different for corporation tax returns; the only change is the format of the files being submitted.
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This isnt going to happen overnight Mandatory electronic filing using iXBRL only takes effect for companies with a year end AFTER 31/03/2010 AND when it is filed AFTER 31/03/2011. This means that you can continue to file using PDF attachments or on paper throughout 2010 and the first months of 2011.
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Think about your technology Do the key staff who are going to file corporation tax returns have access to the internet?
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Think about your process Who will be able to file the returns? It is easy for the partner or manager to review the postbag out to HMRC but if anyone can file a return electronically it may be submitted inadvertently without a proper review.
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Think about your communications Do your clients know this is coming? Many clients will have received communications from HMRC but have they understood them? It is better to have informed them in advance rather than to explain it later.
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Think about your contacts With the move to electronic filing are you going to take the opportunity to communicate with you clients electronically and are you in a position to make this transition?
These are but a few questions you may want to start thinking about over the coming months remembering always to refer back to point 1!
David Routley
Technical Product Manager Corporation Tax
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