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Looking forward to the next few years of online filing with iXBRL
KEY POINTS
- A return is unlikely to be rejected for tagging reasons.
- Limited changes to taxonomy from autumn.
- Tagging is highlighting new issues for HMRC.
- Impact of the new annual investment allowance.
- Accounting standards may influence systems.
This April with more of a whimper than a bang the soft landing ended.
Major changes occurred in April 2011 so that company tax returns for periods ending after 31 March 2010 which are filed after 31 March 2011 have to be filed online using XBRL-enabled software for the accounts and tax computations.
Paper submissions are no longer accepted except from companies in a formal winding-up procedure or where the directors have religious objections.
The return must be filed using the free product provided by HMRC although this...
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