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 speci铿乪d by the respective countries鈥 tax regulators) are required to file their reports to their regulator in XML format.
MTD for VAT
新香港六合彩官网开奖 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 拢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.
The compliance deadlines for VAT registered business are:
- April 2019 for VAT registered businesses with annual taxable turnover more than 拢85,000
- April 2021 for other VAT registered businesses
MTD Timeline
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March 2015
HMRC announced its vision of MTD
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August 2016
HMRC lanunched consultations on MTD
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July 2017
MTD for Businesses re-introduced with new timetable for implementation
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July 2018
HMRC closed beta trial commences
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April 2019
HMRC mandated VAT registered businesses above the annual threshold (拢85k) to submit in MTD route
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April 2021
HMRC may mandate for all other VAT registered businesses and for other taxes such as Corporation tax
iXBRL Tagging for CT600 Filing
Businesses in the UK are required to file their financial statements in Inline XBRL (iXBRL filing) format with HMRC, as per the guidelines set by the regulator. 新香港六合彩官网开奖 has mandated that all tax returns and financial statements 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鈥檚 corporation tax return. When the 鈥榥otice to deliver a Company Tax Return鈥 from HMRC is received, the company must file its tax returns to HMRC online. This includes a wide range of information along with the CT600 form. Submitting the company鈥檚 computations and accounts to HMRC in iXBRL format is mandatory.
聽 Learn it from the iXBRL Experts.
Cloud Solutions for EBA, ESMA and EIOPA
Listed companies, 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. 新香港六合彩官网开奖 provides solutions to help comply with the requirements of various local and apex regulators across the EU.
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