{"id":79491,"date":"2022-04-22T12:00:48","date_gmt":"2022-04-22T12:00:48","guid":{"rendered":"https:\/\/fin-xsolutions.com\/?p=79491"},"modified":"2022-08-19T11:47:26","modified_gmt":"2022-08-19T11:47:26","slug":"a-practical-guide-to-hmrc-ixbrl-tagging-for-ct600-forms","status":"publish","type":"post","link":"https:\/\/fin-xsolutions.com\/a-practical-guide-to-hmrc-ixbrl-tagging-for-ct600-forms\/","title":{"rendered":"A Practical Guide to HMRC iXBRL Tagging for CT600 Forms – Fin-X Solutions"},"content":{"rendered":"

[vc_row row_height_percent=”0″ override_padding=”yes” h_padding=”6″ top_padding=”2″ bottom_padding=”1″ overlay_alpha=”50″ gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″][vc_column][vc_column_text text_lead=”yes” uncode_shortcode_id=”111905″]<\/p>\n

The CT600 Form<\/strong><\/h3>\n

The\u00a0CT600 form<\/a>\u00a0is used by companies incorporated in the UK to file their Corporation Tax Returns to the HMRC after the end of their accounting period. At present, this period is stipulated to be\u00a0no later than 12 months<\/strong> after the end of a company\u2019s accounting period. The form includes information related to accounts, computations, reports, and statements furnished by the taxpaying entity.<\/p>\n

Any Corporation Tax that is payable to the HMRC is due after\u00a09 months and 1 day<\/strong>\u00a0following the end of the accounting period. The CT600 is only capable of reporting for 12 months, so if a company\u2019s accounting period is longer, then two CT600 forms need to be filed, one for the 12 months, and another for the remainder of the period.<\/p>\n

Paid by companies in the UK as a percentage of their profits, Corporation Tax is a function of the total turnover for a given financial year minus operating expenses. It currently stands at\u00a019%<\/strong>\u00a0for the financial year beginning April 2022 but is liable to change from time to time.<\/p>\n

With the HMRC requiring digital submissions of the CT600 form, the original paper form is now obsolete and only used for reference purposes. The HMRC also requires full company accounts to be provided in Inline XBRL (iXBRL), tagging key information that enables the document to be both machine and human-readable. In contrast to the CT600 return, company accounts can cover an accounting period greater than 12 months.<\/p>\n

Now let\u2019s take a look at what constitutes the CT600 form.<\/p>\n

The Components of a CT600 Form<\/h3>\n

The latest version of the CT600 Form for 2022 (version 3) consists of 5 main sections:<\/p>\n