HMRC has published a guide for businesses and contractor accountants explaining how they need to comply with the iXBRL format computations for Corporation Tax online filing.
The iXBRL guide for UK businesses is 14 pages long and is available online from HMRC’s Corporation Tax Library. The guide has been designed to give senior managers an introductory overview, so that they can cope once online filing becomes mandatory in April.
The guide explains that it is up to the company to make sure it fully complies. Companies should ensure their computer software is capable of handling the requisite type of data required for the reports.
The transition to iXBRL format accounting is going to be complicated and the Revenue accepts that there might be errors and omissions with tagging. But HMRC would like to help businesses get to right as opposed to penalising them.
Two iXBRL roadshows have also been planned to give businesses and their accountants a chance to get hands-on experience. The first of these will be held at Glasgow’s Hampden Park on September 15, followed by St Andrew’s Stadium in Birmingham on the third of November.
CCH software has also created a practice tool to help people prepare for iXBRL. Users answer various questions about current working methods and the software they use, and the iXBRL Practice Planner compiles a short report highlighting areas of concern and ways of tackling them.
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