The End of an Era on CT600
It’s closer than you think
The withdrawal of HMRC’s current free corporation tax software means that, according to HMRC’s own estimate, around 300,000 accountants across the country will be shopping around for an alternative.
If you’ve been using this free service to file clients’ CT600 corporation tax returns, you need to keep a watchful eye on the calendar. While the official deadline for the withdrawal of the service –31st December 2016 – is months away, there are two reasons why your practice would benefit from implementing a new CT600 solution much sooner:
- The service will still be available only for accounting periods ending on or before 31st December 2015 and where these are filed by the twelve-month deadline of 31st December 2016.
You will, therefore, not be able to use HMRC’s software for accounting periods ending on or after 1st January 2016
- if you buy a replacement early in 2016, you will be able to enter data into the software as you go through the year.
In contrast, if you start entering client data into the new software for CT600 at the end of 2016, this duplicate data entry will be a drain on practice resources. There will also be data from previous years that you will need to collate and enter. Think of the inevitable panic and errors as the cut-off date looms.
Your New Year’s resolution?
HMRC’s decision means you cannot avoid buying a proprietary CT600 solution. So, why not purchase replacement corporation tax software solution sooner rather than later in 2016 and avoid creating problems for your practice further down the line?
At IRIS, we understand and anticipate changes in the compliance framework. Our CT600 infographic takes a look at the options when choosing a proprietary solution. It will help you to consider which factors are most important for your practice: cost, functionality, on-premise, in the cloud…