A common approach to filing company accounts online in the UK was announced on September 1 in a joint statement by HM Revenue and Customs (HMRC) and Companies House, the companies registry.
In an attempt to reduce potential administrative burdens on business, Companies House has announced that it will accept company accounts in a data format known as Inline XBRL (iXBRL). This is the same format in which all company tax returns, including the return form, company accounts and tax computations, must be submitted online to HMRC from April 2011 for accounting periods ending after 31 March 2010.
Companies House will introduce its iXBRL service for unaudited full accounts by the summer of 2010, and then continue to develop its iXBRL capability for all the main types of accounts it receives.
HMRC’s new iXBRL service for company tax returns will be available from November 2009. Commercial software that is iXBRL-enabled will be widely available in the Spring of 2010.
XBRL is short for eXtensible Business Reporting Language and is a computer readable format for financial data. It works by putting a tag on each piece of electronic data (text or numbers) within a document. Inline XBRL makes XBRL readable by people, and guarantees that the layout and presentation of information looks the same for both the author and the person receiving it, whether it is being viewed online or as a printout.
It is claimed that the XBRL format offers cost savings through greater efficiency, improved accuracy and reliability to those involved in supplying or using financial data.
Mark Holden, Programme Director of HMRC’s Carter Programme, which is responsible for enhancing HMRC’s online services, announced that: "Today’s joint statement is an important step towards our goal of offering a joint filing facility for company accounts and Company Tax Returns, as recommended by Lord Carter’s Review of HMRC’s Online Services."
Gareth Jones, Chief Executive of Companies House, added: "This early statement of our intentions will reassure businesses that both HMRC and Companies House are working closely together to align our services to make the filing of accounts as easy as possible for UK companies."
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment