COVID-19: Corporation Tax and iXBRL requirements

Apr 06, 2020

We have confirmed with Revenue that the late filing of iXBRL financial statements due from companies with accounting periods ending on or after June 2019 (the iXBRL financial statements are due within 3 months after the due date for filing the Form CT1) will not be subject to a late filing surcharge. Also, tax repayments and refunds will not be held by Revenue in the absence of the company’s iXBRL financial statements, subject to the appropriate Revenue checks.  This is particularly relevant for any companies seeking to claim an early repayment of excess R&D credits due in 2020.  

Revenue has updated their COVID information hub for the iXBRL confirmations.  See both the "Repayments/refunds" section of the "Revenue services, refunds and repayments of tax" page and the "Filing tax returns" section of the "Filing your returns and paying your taxes" page for the information. 

Those companies required to file iXBRL financial statements should endeavour to return the information to Revenue at the earliest opportunity.