Experts in iXBRL and Application Integration
HMRC iXBRL Deadline April 2011
"From 1st April 2011, for any accounting period ending after 31st March 2010, all Company Tax Returns must be filled online. As well as this, companies must file accounts and computations in a set format - Inline eXtensible Business Reporting Language (iXBRL)" HM Revenue & Customs
How will iXBRL affect your company?
HMRC will not accept your company accounts in pdf form from April 2011. They will require the Accounts and Tax Computation to be in iXBRL.
Without a product which shields you from the complexity of iXBRL, preparing Accounts in the new format is a significant technical challenge. If you prepare Accounts in Word or Excel you need to consider how these can be transformed into iXBRL.
For the first 2 years, HMRC has announced a 'Soft Landing' period, where companies that submit in iXBRL with what HMRC adjudge to be “a best effort” will be excused penalties even if incorrect tagging is applied. HMRC does not consider anything other than an iXBRL submission to be appropriate after this date.
You might want to consider a standard approach to preparing Accounts if you have different documents. Creating iXBRL tagged Accounts templates allows documents made in the first year to be reused for subsequent years.
HMRC and Companies House are moving towards a Joint Filing initiative. At present Companies House only accept e-filing of accounts for limited circumstances using a variety of formats, however from July 2010 you will be able to submit unaudited accounts in the same format as HMRC.
Find out more about our iXBRL Adapter for Microsoft Office
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