RegulationAccounting StandardsAccounting institutes call on Treasury to delay iXBRL

Accounting institutes call on Treasury to delay iXBRL

A letter signed by the five largest institutes in the country has been sent to the Treasury requesting a delay to iXBRL

THE LARGEST ACCOUNTANCY INSTITUTES in the country have banded together in the hopes of pushing back a new tax filing technology deadline.

From 1 April all corporation tax must be filed to HM Revenue & Customs using new data-tagging technology known as iXBRL.

Five of the main institutes have written to the exchequer secretary to the Treasury, David Gauke, requesting the government push back the implementation deadline.

Anthony Thomas, CIoT deputy president, said: “With only two months until the planned mandatory implementation of iXBRL online filing, our members and other businesses are facing implementation problems.”

Thomas said although he was “enthusiastic” about iXBRL technology, companies are not ready for the change.

The letter  was signed by; Anthony Thomas, deputy president CIoT; Chas Roy-Chowdhury, head of taxation ACCA; Donald Drysdale, assistant director taxation ICAS; Simon Braidley, president ATT; Frank Haskew, head of tax faculty ICAEW; and Aleem Islan, technical manager AAT.

 

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