Accounting institutes call on Treasury to delay iXBRL

Accounting institutes call on Treasury to delay iXBRL

A letter signed by the five largest institutes in the country has been sent to the Treasury requesting a delay to iXBRL

THE LARGEST ACCOUNTANCY INSTITUTES in the country have banded together in the hopes of pushing back a new tax filing technology deadline.

From 1 April all corporation tax must be filed to HM Revenue & Customs using new data-tagging technology known as iXBRL.

Five of the main institutes have written to the exchequer secretary to the Treasury, David Gauke, requesting the government push back the implementation deadline.

Anthony Thomas, CIoT deputy president, said: “With only two months until the planned mandatory implementation of iXBRL online filing, our members and other businesses are facing implementation problems.”

Thomas said although he was “enthusiastic” about iXBRL technology, companies are not ready for the change.

The letter  was signed by; Anthony Thomas, deputy president CIoT; Chas Roy-Chowdhury, head of taxation ACCA; Donald Drysdale, assistant director taxation ICAS; Simon Braidley, president ATT; Frank Haskew, head of tax faculty ICAEW; and Aleem Islan, technical manager AAT.

 

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource