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ANITA MONTEITH considers the practical problems when using iXBRL to file company accounts and tax returns
KEY POINTS
- Exceptions to the use of iXBRL filing.
- Problems are recognised and a soft landing is promised.
- The information that must be iXBRL-tagged.
- The answers to some frequently asked questions.
- PDF attachments and technical guidance.
Historically most company tax returns were filed on paper. The continuing rise in the number of incorporated businesses meant that the burden of processing 1.8 million returns had become too much.
The rekeying of so much data led to processing delays and errors incorrect penalty notices and data which was not really up to scratch when it came to risk-assessing the returns for enquiry purposes. Clearly something had to change and change it certainly did.
Since 1 April 2011 companies have had to file their corporation tax (CT) returns online....
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