HMRC’s introduction of XBRL and online filing is impossible to meet the
Institute of Certified Practising Accountants has warned
The institute has warned that the government compulsory move to online tax
filing by April 2011 is impossible to meet.
HMRC has mandated that all data in the next two years in relation to
corporation tax filings will not only have to be online but also supplied in
XBRL, eXtensible Business Reporting Language, is a type of computer tagging
language which HMRC claims makes manual checking of tax returns redundant, the
ICPA chairman Tony Margaritelli said: “The Government constantly goes on
about reducing red tape and expenses for business but it is now pushing a system
that will make life very difficult for the vast majority of smaller accountancy
The taxman’s move to XBRL is being criticised by the British Application
Software Developers Association for ignoring the fears of accountants and
developers taking on additional work to implement new software.
“There are hundreds of accountancy practices preparing company accounts for
small businesses using spreadsheets and Excel. HMRC is effectively forcing all
those to go out and buy accountancy software packages – and even then we don’t
know if they will be compatible come the filing deadline,” added Margaritelli.
Committee expresses concern about costs to businesses and April 2018 implementation date
Drastically fewer offices for HMRC in the hope to reduce their running costs
A CIO has been appointed at BDO from law firm Olswang
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance