How does iXBRL affect me?
Posted 15 November 2011 - 10:15 AM
Paper filing is no longer an option. The HMRC mandate is now in force for all corporation tax returns for accounting periods ending after 31 March 2010.
This means that all supporting documentation for your corporation tax return, including your year end accounts, must now be filed electronically in ‘inline Extensible Business Reporting Language’ (iXBRL), not on paper or by post.
iXBRL is a new, electronic format (similar to the code used to build websites) for business information, which HMRC expects to provide benefits in the preparation, analysis and communication of business and financial data. iXBRL is becoming a global standard for financial reporting.
Going forward, all companies will need to think about how they are going to handle their obligation to report to HMRC in iXBRL. However they decide to deal with it, there will be additional work when compared to preparing financial statements and corporation tax calculations on paper.
We want to do all we can to help small businesses over this latest hurdle. That's why all of our Fixed Fee Accounting packages now include preparation of full financial statements and Corporation Tax returns in iXBRL format, so you don't need to worry about it.
The Momenta Team
Great value Fixed Fee Accounting Services
Visit us today for your Year End Accounts.
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