When the Budget incorporates changes to Corporation Tax rates, HM Revenue & Customs (HMRC) has to update its systems to be able to accept online Corporation Tax Returns whose chargeable periods overlap the fiscal year with the new rates.
In the past, HMRC has taken several months to incorporate the new rates so that in many cases such returns could not be filed until as late as October. Now, thankfully, HMRC has announced that its systems can accept the new rates for the Fiscal Year to 31 March 2013, immediately from Royal Assent.
This news will be most welcome for accountants and tax agents, who will no longer have to wait several months for HMRC's systems to be updated. It now only remains for the corresponding software houses to roll out their respective updates...
HMRC's press release is at Budget Changes that May Affect Your Company Tax Return
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