Corporation Tax returns, iXBRL obligations and Tax Clearance update

Taking its news from Revenue’s website, Intelligo has announced that the Corporation Tax Return for accounting periods ending in 2015 was released last weekend.

A revised Corporation Tax Return for accounting periods ending in 2014 was also released. The main changes in each Return are to the “Extracts from Accounts” section and are in respect of iXBRL filing obligations. The effects of the changes are as follows:

  • All filers are notified of the requirement to file iXBRL returns with the Form CT1.
  • Filers will be assisted in determining if they are in a category obligated to file iXBRL returns.
  • For those obligated to file an iXBRL return, clarity will be provided about the fully tagged content required in the iXBRL return.

The 2014 and 2015 Forms CT1 will contain details of Phase 2 iXBRL exclusion criteria and make reference to the “Aggregate of Assets without deduction of liabilities” in the “Balance Sheet Total” criterion. Notwithstanding this, the Phase 2 transitional arrangements outlined below will apply.

Filers of 2014 and 2015 Forms CT1 should also note that limited data integrity checks will be carried out on the Form CT1 to determine if an iXBRL return should be filed. These will centre on the turnover, shareholder funds and employee details in addition to a check to establish if the case is dealt with in Revenue’s Large Cases Division.

Considering the limited nature of the online checks carried out by Revenue’s systems, it should be noted that a Form CT1 accepted by Revenue does not remove the obligation to file an iXBRL return. It remains the sole responsibility of the filer to ensure that there is no requirement to file an iXBRL return.