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07 Jun 2011
ONE-IN-THREE BUSINESSES failed to submit their corporate tax returns in April using new technology, according to HM Revenue & Customs figures.
HMRC mandated as of 1 April that all corporate tax returns must be filed online using a new technology, iXBRL.
Further reading
In April, 22,000 of the 66,513 returns required re-submission. The Taxman said it would take a sympathetic approach to any mistakes made in the first year of the technology's introduction.
Phill Robinson, CEO of IRIS Accountancy Solutions, which provides iXBRL software, said: "The fact is that there are still huge numbers of businesses that have not provisioned properly for the introduction of iXBRL, with many choosing to file their April 2011 reports early to avoid using the new format.
"However, businesses really do need to get up to speed with the new standard as soon as possible. The mandation date may have passed but the issue of iXBRL has not gone away. With as little as seven per cent of companies having an April year end, the real impact of iXBRL will be seen in the coming months."
From 2013, all financial reports filed at Companies House will also need to be in iXBRL format.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
IXBRL filing errors
As with all new software/applications/working regimes it does take a bit of time to "learn new tricks".
At Comprehensive Accounts we found that the bulk of filing failures were a direct result of human input error usually at the Trial Balance stage.
A quick review and amendment and then re-submitted without problems.
Tony Margaritelli - Chair ICPA partners with Comprehensive Accounts
Posted by: Tony Margaritelli, 08 Jun 2011 | 08:41
iXBRL - not for Apple Mac users
Hello I have been doing research into this whole area as I am an apple mac user ( I work in the creative businesses) and have a number of accounts to file on line but cannot find a provider that will produce ixbrl that is compatible with macs... I would love to have comments on anyone who has managed to get it to work for a mac!
Posted by: Gill Warren, 08 Jun 2011 | 12:23
Do you know why they failed?
What caused the failures - non-compliance with the technical standard or non-compliance with the law? Did they fail business validation or technical validation? What uinsights can we get from why they failed?
Posted by: Trevor, 09 Jun 2011 | 00:13