Ftax is recognised by HMRC as a third-party supplier of online tax filing software
Ftax is recognised by HMRC as a third-party supplier of online tax filing software. To achieve this status, the Ftax service has been and continues to be tested by HMRC to ensure full compliance with their requirements. The Ftax SA100 form undergoes an extremely rigorous series of tests every year so it can continue to be recognised by HMRC.
Ablegatio (Ftax) appears on all appropriate ‘3rd Party Supplier’ lists on HMRC’s website.
iXBRL is the data format which all computations and accounts files must be converted into before attaching to the CT600 and submitting. HMRC have introduced this customised data format as it is readable both by the human eye and by computers.
The Ftax CT600 can generate both iXBRL Computation and Accounts files. The Ftax CT600 form includes Profits and Capital Allowance worksheets to capture the data which, along with other data from the tax return, is used to generate the iXBRL Computations file. An ‘Accounts’ section is included at the back of the Ftax CT600 form. This includes 2 accounts templates, micro entities, and small company. Either may be populated and used to generate the iXBRL Accounts file.
MTD is a new way of submitting tax to HMRC which, combined with a set of principles, has been designed to reduce errors and improve tax filing timeliness. This will involve the increased use of software to automatically process accounting and tax filing data from its time of capture, e.g. data entry from an invoice, to the point of submission.
The first MTD tax filing system to be introduced by HMRC was VAT. Self Assessment will be next, possibly followed by Company tax, although this is yet to be confirmed.
The Ftax VAT tax filing form is already fully compliant with MTD. Ablegatio is fully committed to follow future HMRC MTD initiatives, and to upgrade the Ftax service accordingly.