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Online accountants can see iXBRL software in action

Online accountants can see iXBRL software in action

Accountants in the Birmingham area may benefit from visiting an event to be run by HMRC.

On November 3rd, the Revenue will be holding the last of its iXBRL events. This event will showcase accounts production and conversion tools that can convert existing data into iXBRL format for the filing of Corporation Tax returns.

HMRC has already run a couple of similar events in recent months, however the London event in June was probably held a bit too early as working versions of the software were not readily available at that time. People really have to see the program to appreciate the way it works, a programme manager from Carter commented.

The accounts/tax software production industry should have more commercially released products to show by the time the Birmingham show comes around. Forbes Computer/Absolute Accounts, TaxCalc and QMS have already launched iXBRL software and IRIS and Thomson Reuters will be launching products in the not too distant future.

A survey conducted earlier this year by CCH showed that many accountancy firms were not prepared for the new online submission system. As from 1st April next year, corporation tax returns must be filed in in-line eXtensible Business Reporting Language. This could cause problems for accountancy firms that file clients’ corporation tax returns from third party data as this is often in either paper or pdf format.

If you want to go to the Birmingham event, HMRC would like you to telephone the bookings team on 0845 603 2691 so they have an idea of the number of visitors who will attend the morning and afternoon presentations.

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Image: no, it’s “lolercopter!” by laszlo-photo

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