In further moves to take everything online and streamline their services, HMRC will be requiring corporation tax returns and accounts to be filed via the web from April 2011. More specifically, these accounts will need to be produced in an iXBRL format.
iXBRL (inline eXtensible Business Reporting Language) is a language similar to the HTML code used to build websites. This code allows data to be easily linked to other relevant information. Making use of one particular language mandatory ensures that HMRC is not swamped with accounts and returns in a variety of different file formats that it cannot process or deal with.
HMRC defines iXBRL as:
Inline XBRL (iXBRL): a way of embedding and displaying accounting/financial information in an HTML document, the universal language for web browsers. It allows data to be presented in a readable form, either on screen or in printed output
HMRC supplies a list of relevant software suppliers who produce software that can format the data in the correct language. Otherwise you are encouraged to contact your accountant to ensure that they have the means to correctly submit your accounts in the correct format.
Remember that with The Company Warehouse, whether you’ve carried out a company formation with us or not, we can supply you with a low cost accountancy service to meet your company needs. Contact us today for free guidance and a service you can trust.
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