The ICAEW Tax Faculty has highlighted revised guidance in HMRC’s COTAX Manual (at COM130010) which clarifies the accounts requirements for non-resident companies with UK rental profits (but no UK permanent establishment).
HMRC’s updated guidance makes clear that these companies are required to file a full return (CT600, computations and accounts) online using inline Extensible Business Language (iXBRL) if their accounts are prepared using an accounting standard that is supported by an XBRL taxonomy that is accepted by HMRC (currently UK GAAP, IFRS and US GAAP).
If the company’s accounts are prepared to an accounting standard not supported by HMRC, those accounts must instead be submitted as a PDF attachment to the online return. In that case, a UK GAAP/IFRS profit and loss account (P&L) for the UK property business must also be included in the corporation tax computation in iXBRL format, using the corporation tax computational taxonomy.
If the company does not produce accounts, it only needs to include a UK GAAP/IFRS P&L for the UK property business in the corporation tax computation. The P&L should be tagged in iXBRL format using the corporation tax computational taxonomy.
The ICAEW Tax Faculty has highlighted revised guidance in HMRC’s COTAX Manual (at COM130010) which clarifies the accounts requirements for non-resident companies with UK rental profits (but no UK permanent establishment).
HMRC’s updated guidance makes clear that these companies are required to file a full return (CT600, computations and accounts) online using inline Extensible Business Language (iXBRL) if their accounts are prepared using an accounting standard that is supported by an XBRL taxonomy that is accepted by HMRC (currently UK GAAP, IFRS and US GAAP).
If the company’s accounts are prepared to an accounting standard not supported by HMRC, those accounts must instead be submitted as a PDF attachment to the online return. In that case, a UK GAAP/IFRS profit and loss account (P&L) for the UK property business must also be included in the corporation tax computation in iXBRL format, using the corporation tax computational taxonomy.
If the company does not produce accounts, it only needs to include a UK GAAP/IFRS P&L for the UK property business in the corporation tax computation. The P&L should be tagged in iXBRL format using the corporation tax computational taxonomy.
