Ftax Company (CT600)

XBRL is a global standard for exchanging business information (written in XML). iXBRL is an HMRC standard which enables XBRL to be displayed in a browser in a user friendly format (written in HTML).

Before submitting CT600s please check the following: 

1. Both iXBRL Accounts and iXBRL Computation file must be attached just before submission. (note : attachments are not currently saved with the CT600 when ‘Save’ is clicked). 
2. Use Ftax iXBRL Computations, although VT Software Computations should also work. 
3. Never Open and then Save iXBRL files in anything other than a text editor, as this may add extraneous data. Be very careful not to open an iXBRL file into a browser and click Save, as this will corrupt the iXBRL data. 
4. Each iXBRL attachment filename must end in ‘.html’. Re-edit if the file ends in ‘ .htm ‘ . 
5. Attachment filenames must NOT include any spaces, underscores, or dashes. 
6. The iXBRL Account and Computation files must have DIFFERENT filenames. 
7. The Company Number in the iXBRL Accounts file must be the same as that in the CT600, and feature 8 digits. You may have to add leading digits to this value when compiling the iXBRL Accounts file. Failure to do so will result in Error code 1606 being returned. 
8. Make sure you are using the LATEST Ftax forms. If Error Code 3303 has been returned then you need to download the latest version and transfer data using Export and Import. Regenerate and attach the iXBRL Computations. 
9. Read the ” After submitting I receive an error message.” FAQ to identify the solution to other common problems. 
10. If the profit is zero (box 3), make sure the worksheet has been open and closed, and the ‘Calculate Tax’ button has been clicked. This will propagate the necessary ‘0.00’ values throughout the form. 

Compliance with the above will resolve most iXBRL tax filing issues. But if you are still experiencing problems please email your form to support@ftax.co.uk along with the iXBRL Computations and iXBRL Accounts files, and the error message. 

• Prepare the company accounts – Ftax does not carry out this service, but recommends VT Software. Alternatively, you may wish to prepare the accounts using spreadsheets, or other software packages. 
• Complete the Ftax CT600 tax return – including the ‘Profits’ worksheet, and ‘Capital Allowances’ worksheets if necessary. 
• Generate the iXBRL Computations file – click the ‘iXBRL’ button at the bottom left of the opening page of the form and select ‘iXBRL Computations’. An email will be returned with the iXBRL Computations file attached. Drag, or download this onto your desktop or any known location. 
• Generate the iXBRL Accounts file – the current ‘V3’ Ftax CT600 form includes an ‘Accounts’ section accessed via the bookmarks on the left. After completion, return to the opening page of the form, click the ‘iXBRL’ button, and select ‘iXBRL Accounts’. Once again, drag or download the attached file from the returned email to a known location on your computer. Note: the older Ftax ‘V2’ CT600 does not include iXBRL Accounts tagging (VT Software or the Hypercube service are recommended). 
• Attach the iXBRL files to the CT600 form – go to the ‘Attachments’ page via the bookmarks on the left. Click the ‘Attach’ buttons and select the iXBRL Accounts and Computations files from their known locations. If iXBRL files are not attached then reasons must be selected from the dropdown lists. 
• Submit the CT600 online to HMRC – click Submit/I Agree/Submit Now/Yes via the opening page. An onscreen receipt followed by two emails should confirm the outcome. 
• Submit the iXBRL Accounts file to Company House – this must be done manually via their website. Ftax does not do this for you. 

Nothing, if you use VT Final Accounts and/or the Ftax CT600, all of the iXBRL will be done for you behind the scenes.

There are two versions of the HMRC CT600 form; the ‘v2’ version and the ‘v3’ version.

If your company accouting period starts on or before the 31st March 2015 then the ‘v2’ version must be used. Please purchase any of the 2015 Ftax Agent Company packages if you are an agent, or the Ftax Company 2015 if you are not. The ‘v2’ Ftax CT600 form file names will begin ‘CTRpre2015_’.

Otherwise the ‘v3’ version must be used, whatever the size of the company. Please purchase any of the latest Ftax Agent Company packages if you are an agent, or the Ftax Company if you are not.

As part of our ongoing security improvements and our response to the General Data Protection Regulations (GDPR), we have altered the way we deliver these files.

The files are still created by our servers, but now we need you to login to your Ftax Account and download them using your computer’s browser.

The form has a new ‘Download’ button on the green receipt page that displays when you create the file:

Clicking the Download button will open your browser and take you to your ftax account homepage (you may need to log in en route).

From your account homepage, you will be able to download the most recently generated pdfcopy, iXBRL accounts or iXBRL computations files.

NOTE: We only retain the most recent of each type of file for you to download.

If you do not click the Download button on the form and you have received an email informimg you that your file has been created, you can still access it by logging into your Ftax Account at https://ftax.co.uk/.

If the accounting period is greater than 12 months then more than one CT600 submission will be required, as each can only be used to submit for up to 12 months. Attach the iXBRL Accounts file only to the first submission, and select the ‘PoA differs from AP-a/cs with sep rtn’ option for all other returns.

Further guidance on how to deal with computations for long accounting periods can be found in the HMRC guidance document:

https://www.gov.uk/corporation-tax-accounting-period

Ftax have introduced iXBRL Computations and iXBRL Accounts tagging at no extra cost. For those who only file a few company tax returns every year there is a low usage CT600 package options.

The video ‘How to use the Ftax SA100’ takes you through all of the mains steps needed to prepare and submit the SA100 tax return. Click here to watch.

The video ‘How to use the Ftax CT600’ takes you through all of the mains steps needed to prepare the CT600 tax return, along with required iXBRL attachments. Click here to watch. Further help can be found in the ‘iXBRL/CT600’ section of the FAQS.

If you are experiencing problems entering data in the Ftax SA100 or CT600 form, generating a Pdf Copy or iXBRL file, or submitting to HMRC, then you should attach the entire Ftax form with attachments to your Support Request. Cut and paste any error messages you receive into the support request message. This will help the Ftax Support team to respond much faster. Click here to send a Support Request.

Complete the ‘Accounts’ section at the back of the CT600 form (see the bookmarks on the left). Then return to the opening page, click the ‘iXBRL’ button, and select ‘iXBRL Accounts’.

An onscreen receipt should confirm success. 

Clicking the Download button on this receipt will open your browser and take you to your Ftax Account homepage (you may need to log in en route).

From your account homepage, you will be able to download the most recently generated iXBRL accounts or iXBRL computations files.

We only retain the most recent of each type of file for you to download.

Your iXBRL Accounts, along with your iXBRL Computations file, must be attached to the Ftax CT600 form before submitting online to HMRC (click ‘Attachments’ towards the bottom of the Bookmarks on the left).

Be very careful not to save the iXBRL file after it has been opened into a browser, as this will corrupt the data. Instead save the file to your desktop before attaching it to the Ftax CT600. 

After completing the Ftax CT600 tax return and populating the ‘Profits’ and Capital Allowance’ worksheets, return to the front page. Click the ‘iXBRL’ button, and select ‘iXBRL Computations’.

An onscreen receipt should confirm success. 

Clicking the Download button on this receipt will open your browser and take you to your Ftax Account homepage (you may need to log in en route).

From your account homepage, you will be able to download the most recently generated iXBRL accounts or iXBRL computations files.

We only retain the most recent of each type of file for you to download.

Your iXBRL Computations, along with your iXBRL Accounts file, must be attached to the Ftax CT600 form before submitting online to HMRC (click ‘Attachments’ towards the bottom of the Bookmarks on the left).

Be very careful not to save the iXBRL file after it has been opened into a browser, as this will corrupt the data. Instead save the file to your desktop before attaching it to the Ftax CT600. 

No. Ftax will generate the iXBRL computations file for you (but only if you are using the current ‘V3’ CT600). VT Final Accounts or the Hypercube service may also be used to generate the iXBRL accounts file for you.

 

Initially, when purchasing in April, the Ftax CT600 will allow tax filing for accounting periods up to the March 31st just preceding that tax year.

HMRC usually update their CT600 tax filing requirements during September/October.

The Ftax CT600 will then be updated to allow tax filing for accounting periods up to the March 31st at the end of that tax year.

This upgrade is free so long as the tax year Ftax CT600 credits have been purchased.

The Ftax form itself will clearly state the latest accounting period end date that may be submitted using that form version.

The following explains what the most common CT600 error messages mean and describes what to do:

“Code : 1607 Box Location : Computations : Information within the computations does not match that on the CT600”

This usually means that the Company Number in the iXBRL Accounts file does not exactly match the 8 digit Company Number in the CT600. To overcome the problem, add leading digits to the Company Number, e.g. 07654321, and then generate the iXBRL Accounts file again.

“Code : 3303 Box Location : Accounts : One of the Inline XBRL documents contains malformed xml. Please check the attachment and resubmit.”

“Code : 1605 Box Location : iXBRL : The attachment with the file name IR Format_1 is in an invalid format.”

One cause of this problem is the inclusion of a line featuring a DOCTYPE declaration, i.e. <..DOCTYPE …… >, near the start of the accounts file. Remove this line by opening the iXBRL Accounts file in a text editor (we recommend TextPad), deleting, and saving the file.

“Code : 3303 Box Location : Computations : One of the Inline XBRL documents contains malformed xml. Please check the attachment and resubmit.” 
“Code : 1605 Box Location : iXBRL : The attachment with the file name IR Format_1 is in an invalid format.”

Both of these error messages are due to problems with the format of the iXBRL Computations file, and probably mean that you are not using the latest version of the Ftax CT600, or you are not using the Ftax iXBRL Computations. Transfer your data to the latest version and generate the iXBRL Computations file again. Never Open and then Save iXBRL files as this may add extraneous information.

Yes, both VT Software iXBRL Computations and iXBRL Accounts work well with the Ftax forms.

If you wish to continue using spreadsheets to prepare accounts then you can. The Ftax CT600 includes iXBRL Accounts tagging to convert your accounts data into iXBRL. Note: this is only included on the post 31st March 2015 ‘V3’ CT600 form, and is NOT included with the older ‘V2’ CT600. 

Alternatively, you can use VT Final Accounts which will make it very easy for you to map the final accounting figures to the XBRL data standard to produce the iXBRL files. 

Trading losses may be carried back to set against previous year profits by completing and submitting the current year Company tax return and Amending the previous year tax return as follows:

Complete the current year form: 

1. Tick box 45, “Claim or relief affecting an earlier period”.
2. Complete the Losses Worksheet including the Losses to Carry Back box.
3. Generate the iXBRL Computation file and reattach.
4. When the return is complete, submit as New (unless it is being amended).

Update the previous year form:

1. Tick box 40, “A repayment is due for this return period”.
2. Enter the corporation tax previously paid in box 595, “Tax already paid (and not already repaid)”
3. Complete the Losses Worksheet with the losses carried back amount entered in the Losses Brought Back box.
4. Regenerate the iXBRL Computation file and reattach to the return.
5. Resubmit the tax return as an Amended return. 

For a limited period, losses can be carried back two further years. Further details are given in the FAQ:

How does the Ftax Company tax return handle losses?

There appears to be a problem with the latest versions of Acrobat Reader 2021.001.20135 and 2021.001.20138 which causes Ftax forms to run slowly at times, or not to respond.
If you install a previous version of Acrobat Reader, this problem will be overcome.

To install a previous version (Windows users):

First, uninstall your current version of Acrobat Reader.

1. Click the start menu and right click Acrobat Reader DC.

2. From the menu that pops up, select Uninstall to access the Programs and Features control panel.

3. Select Adobe Acrobat Reader DC from the list of programs and click Uninstall from the top to start the uninstall process.

4. Follow the windows prompts until the software uninstalls.

Second, Download and install a previous version of Acrobat Reader from Adobe.

1. Open a Windows Explorer/File Explorer window (press Win+E).

2. Click to select the Address bar.
If the Address bar isn’t visible in Windows XP, choose View > Address Bar

3. In the address bar type the address of Adobe’s software storage:

ftp://ftp.adobe.com/pub/adobe/reader/win/

for windows, or 

ftp://ftp.adobe.com/pub/adobe/reader/mac/

for mac, and press enter.

Note: This is a Windows Explorer/File Explorer window not a browser window.

4. You should be presented with a file structure of previous versions of Reader.

We have identified that the problem does not occur if you use AcrobatDC 2001320064.

If you wish to download and install this version, open the ReaderDC folder, then open the 2001320064 folder and copy the file AcroRdrDC2001320064_en_US.exe to your computer by dragging it onto your desktop (or other location). This is the english language version, other versions are available.

5. Once the file is downloaded onto your computer, double click the file to start the installation, and follow the Adobe prompts.

Don’t forget, you will need to follow the setup checklist again with your new software:

What should I check before using Ftax? (Ftax Setup Checklist)

If Acrobat Reader updates to the latest version and Adobe have not fixed this problem, you will need to follow this process again.

If you have any problems uninstalling Acrobat Reader, Adobe have produced a tool called AcroCleaner to help:
https://www.adobe.com/devnet-docs/acrobatetk/tools/Labs/cleaner.html

A company can offset a trading loss against other profits made in the same accounting period. Any remaining losses may then be offset against the total profits of the previous 12 months. Trading losses may also be carried forward to set against the trading profits of subsequent periods.

Following the 2021 budget, trade loss carry back has been extended from the current 1 year entitlement to a period of 3 years, with losses being carried back against later years first. This extension will apply to trading losses made by companies in accounting periods ending between 1 April 2020 and 31 March 2022. Further details are given here.

The Ftax Company forms may be used to manage losses in order to reduce tax liabilities and claim tax rebates. This is done via the tax returns themselves, a trading losses worksheet, and iXBRL Computation files produced by the forms.

Further details are given in this FAQ:

How can the Ftax Company tax return be used to carry back trading losses?

There are also boxes in the Company tax return to manage losses from UK property businesses, intangible fixed assets, loan relationships, and unquoted shares. Details can be provides in the Notes section on the Profits Worksheet page which will be included with in the iXBRL Computations file.

Further details on how to declare losses in the Company tax return are give here and in in the HMRC Notes. You are recommended to read this information as it is your responsibility to complete the tax return correctly in accordance with HMRC requirements.