Steve Bramall, of Smailes Goldie, on iXBRL and how businesses can get help to stay compliant with HMRC
Since April 1 last year, for accounting periods ending after March 31, 2010, it has become compulsory for companies to submit their corporation tax return, supporting computations and statutory accounts on-line in "inline eXtensible Business Reporting Language" (iXBRL) format.
HM Revenue & Customs (HMRC) said: "Deficient iXBRL tagging will increase the potential for post-submission contact from HMRC."
Since this is a situation all companies are keen to avoid, complete and accurate tagging is imperative.
This isn't new but many people have left it to the last minute to get sorted, don't have the means to convert their files and are now panicking.
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If anyone is worried about converting their tax returns into iXBRL format, or they simply don't have the time, there's no need to worry.
They don't have to buy and learn how to use the expensive software required.
All they need to do is to find an accountant, such as Smailes Goldie, which already has it.