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
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Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs