HMRC Filing
iXBRL TAGGING FOR CT600
Businesses in the UK are required to file their financial statements in Inline XBRL (iXBRL) format with HMRC, as per the guidelines set by the regulator. HMRC has mandated that all tax returns and financial statements need to be submitted in iXBRL format for accounting periods ending after March 2010 and accounts filed after March 2011.
CT600 Filing
A CT600 refers to a company’s corporation tax return. When the ‘notice to deliver a Company Tax Return’ from HMRC is received, the company is required to file their tax returns to HMRC online. This includes a wide range of information along with the CT600 form. It is mandatory to submit the company’s computations and accounts to HMRC in iXBRL format.
MTD for VAT
HMRC has taken a major step forward in its ambition to become one of the most digitally advanced tax administrations in the world with the introduction of Making Tax Digital for VAT. Initially VAT-registered businesses with annual taxable turnover above the £85,000 VAT threshold were required to submit their VAT returns through for VAT periods starting on or after 1 April 2019. MTD is extended to smaller VAT filers for VAT periods starting on or after 1 April 2021.
CbCR
The BEPS (Base Erosion and Profit Shifting) Action Plan 13 describes the Country-by-Country Reporting (CbCR) framework and template for Multinational Enterprises (MNEs) in order to share the information with the tax authorities of all the countries in which they have their tax presence. MNEs having annual turnover more than 750 Million Euros (or equivalent in other currencies as specified by the respective countries’ tax regulators) are required to file their reports to their regulator in XML format.
Cloud Solutions for EBA, ESMA and EIOPA
Investment firms, Banks, Insurance and Reinsurance companies in the European Union have to submit regulatory reports as mandated by directives of ESMA, EIOPA and EBA. DataTracks provides solutions to help comply with the requirements of various local and apex regulators across the EU.