The electronic services program for corporation tax at the Inland Revenue could be on the brink of a major boost if, as expected, Microsoft takes the step of embedding the computer language XBRL into its next version of Office.
Link: Nasdaq pilots XBRL reporting drive
The Revenue’s corporation tax program will enable businesses to file their CT600 form electronically with the eXtensible Business Reporting Language. The Big Four accountancy firms have all backed the technology, which is being pushed as a standard for using and exchanging financial information through the internet. Inclusion of the technology in Microsoft Office will significantly speed up adoption. Rob Blake, group program manager at Microsoft, denied the rumours, saying XBRL would not be a part of Office 11 ‘out of the box’. He did say it could be offered as an add-on: ‘Over the next seven to ten days we will be tying up our go-forward strategy’. The Revenue will start a pilot scheme into online corporation tax filing in the autumn this year. ‘We aim to start using it for CT600s by end of 2003. By the end of 2005 we hope to be using it for CT600s, accounts and computations,’ a spokesman said. The Revenue isn’t the only government department investigating the usefulness of XBRL. ‘Companies House is also interested,’ said Chris Rodgers, chairman of the UK XBRL Working Group and a partner at KPMG. ‘It is looking at it, but have not yet committed.’
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