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20 Aug 2009
HM Revenue and Customs is warning half a million tax professionals to be ready for a new tax reporting language, in a mass mail out this month.
As of 31 March 2011, accountants will be forced to use a tagged data format known as XBRL.
Mark Holden, Director of HMRC’s Carter Programme, said the changes will affect accounting periods ending after 31 March next year. Agents and businesses need to be thinking about these changes now.
'We’re working closely with software developers, and a number of commercial products will be available to support the iXBRL standard from November 2009, with more to follow,' he said.
`This will mean the majority of companies who wish to familiarise themselves with filing online before it becomes compulsory will have the opportunity to do so.'
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Visitor comments Add your comment
Filing by the time my online
I gave up trying to file online. Why?
I live abroad, my code never arrived in time to validate.
Posted by: Iain Stewart, 21 Aug 2009 | 00:00
XBRL
does anyone know what xbrl is? i got the mail out from revenue, nothing from the institute prior to this. has consultation taken place? i, also, tried to find out what xbrl is, one officail website written in gobbeldy gook, misusing english words, like taxonomy, because it sounds like it should fit in!
Posted by: geoff, 26 Aug 2009 | 00:00
XBRL
To Geoff:
There are a lot of information on the Internet regarding XBRL. A quick google search gave me around of 1.300.000 results. Please check at www.xbrl.org website.
Regards
SQuiroz
Posted by: Sergio Quiroz, 08 Sep 2009 | 00:00