iXBRL update

Last week HMRC issued a statement to confirm that they have no plans to defer the deadline for companies to file their annual financial statements and tax computations online using iXBRL (Inline Extensible Business Reporting Language).

As we outlined in our Insight last year, HMRC have stated that all financial statements and tax computations that are filed by companies with their Company Tax Return after 31 March 2011 must use iXBRL.

With the deadline ever-looming, service providers have been slow to roll out software that is capable of converting these documents to iXBRL. This prompted a number of advisers and accounting bodies to request that HMRC defer the deadline for iXBRL filing in order to give companies and advisers sufficient time to implement, and to train staff, on the new conversion software.

Despite the recent statement, HMRC has assured tax advisers that any difficulty with filing will be treated sympathetically if they have taken "reasonable steps to comply".

In readiness for iXBRL and following the recent release of new software, we are now in the process of testing those different software options which are currently available in order to identify the most efficient and cost-effective solutions for us and our clients.

If you have any questions or concerns regarding iXBRL please do not hesitate to contact your usual Buzzacott contact, or email enquries@buzzacott.co.uk.