ONE of the profession’s most respected IT experts has said Sage’s stop-gap tax-filing software could end up costing advisers valuable time.
From 1 April all corporation tax must be filed using new data-tagging technology known as iXBRL. But, while Sage has said it will have a basic iXBRL patch product ready before the deadline, the full version will not be released in time.
The ICAEW’s technical and development director, Dr Paul Booth, claims the interim product will make greater demands on the time for tax filing because the data compiled in Sage software will need to be transferred into the interim product.
“It is good that Sage have come up with a workable interim solution. But that interim solution could nevertheless involve the users in extra time, because it is adding on an extra process in what they already have to do to prepare a set of accounts,” said Booth.
“While I will not be surprised if Sage ends up losing users in the longer term because of this, now might not be the time for everyone to jump ship. Because changing software is a significant process that can’t be done at a drop of a hat.”
The interim solution is called ONESOURCE and is powered by Thomson Reuters.
iXBRL (inline eXtensive Business Reporting Language) allows information in documents to be electronically tagged for easier comparison.
Sage were unavailable for comment at the time of publication.
Sage was unavailable for comment at the time of publication.
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
The Practitioner discusses their timesheet militancy, and reaction to someone playing it fast and loose with the details...
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
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin