UK tax bodies Fail to win iXBRL extension.
UK companies must submit tax returns online using the iXBRL reporting language in April, despite lobbying by tax and accounting bodies for a delay in the deadline.
Using iXBRL, companies can tag all items of their financial data so that other computers can read it. The software also detects errors and gaps in the data, and can improve the efficiency of processing tax returns.
Accountancy bodies recognise the benefits of the technology, but argue that companies should be able to implement the software and systems in a "measured and methodical manner".
In a letter to HM Treasury, they criticised the plan to penalise businesses that fail to meet the deadline, even when this is because of delays in receiving the new software. It also said that the guidance on online tax returns are "confusing, cloud the issue of what precise iXBRL tagging is required to satisfy HMRC and fail to address satisfactorily the plight of those still struggling to implement software or failing to receive it".
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|Publication:||Financial Management (UK)|
|Article Type:||Brief article|
|Date:||Apr 1, 2011|
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