Options for converting financial statements to iXBRL format
The online CT submission pack filed through the Government Gateway will need to consist of the following attachments:
The table outlines the key information that has to be entered while completing the CT600 Form
Key Information to be filled | Details to be filled |
Company information (boxes 1-4): | basic company details |
About this return (boxes 30-35): | state the accounting period the return relates to |
About this return (boxes 80-85) | tick the box to say whether the accounts are for the period you've stated, or a different period |
Tax calculation (boxes 145-150): | state your company's turnover from the profit and loss account. |
Income (boxes 155-205): | enter the figures for all income received by your business Box 155 Adjusted profit from the corporation tax computation. Box 160 Trading losses brought forward and offset in this accounting period. Box 170 Income from non-trading loan relationships – bank interest. Box 190 Property income. |
Chargeable gains (boxes 210-220): | specify your chargeable gains and allowable losses |
Profits before deductions and reliefs (boxes 225-235): | this is the amount on which corporation tax is chargeable - but you can also specify certain losses |
Deductions and reliefs (boxes 240-325) | detail any trading losses, capital allowances, expenses and reliefs |
Tax calculation (boxes 330-440): | calculate the corporation tax due for the period. |
There are some Corporation Tax allowances that can be deducted when calculating out how much tax you owe. These allowable expenses have to be cost incurred for the exclusive purpose of running your business.
Examples of Corporation Tax allowable expenses you may be able to claim include mileage, accommodation, and training. The expenses must be necessary to the business and ‘wholly and exclusively’ for business purposes, else it must be treated as benefit. For example, costs such as entertaining clients aren’t allowed for Corporation Tax allowance.
Purchases of business assets that you keep to use in your business, such as equipment, machinery, and vehicles, are not allowed to be deducted from your company’s income when calculating your taxable profit. In these instances, you may be able to claim capital allowances.
There are Corporation Tax reliefs available that you can potentially use to minimise your Corporation Tax bill.
As the process is complex and detailed and also involves converting financial statements to iXBRL format, most companies prefer to outsource this job to a professional service provider.
FinTags offers a one-stop-shop solution in
FinTags is a compelling choice for companies seeking to outsource their iXBRL reporting process. FinTags team have the experience of being involved in preparing XBRL reports right from the time iXBRL filing was mandated in UK by HMRC in 2011. The team is also experienced in preparing XBRL reports for subsequent mandates in Ireland, India, Singapore, South Africa and Malaysia.
To benefit our clients, we offer meaningful differentiating features from our competitors such as