Small businesses across Shropshire should sign up now for online
Corporation Tax filing ahead of the coming rush, a local tax
specialist has warned.
Nigel Lomax who runs TaxAssist Accountants in Shrewsbury said
that, although the compulsory change to online filing does not come
into force until April, small businesses should apply now rather
than risk unnecessary fines for filing late. He comments:
"As well as limited companies, the changes will affect other
organisations that pay corporation tax, including clubs, societies,
associations, co-operatives, charities and other unincorporated
bodies. No doubt there will be a rush to register immediately
before April, so rather than risk unnecessary delays; businesses
should apply now if they do not use an accountant.
"From April 2011, all company tax returns, accounts and payments
for accounting periods ending after 31 March 2010 have to be filed
online in a specified format. For small businesses with relatively
straightforward tax affairs, HMRC and Companies House offer a free
'template' to submit your accounts and corporation tax returns.
We've been using HMRC approved software for a few years now and are
fully prepared for the switch over."
TaxAssist Accountants Shrewsbury is a local business itself,
providing tax and accountancy advice and services to more than 400
small businesses.