Sage about-turns on iXBRL fix
FTSE 100 business SAGE produces new tax software despite previously conceding it wouldn't make the deadline
SOFTWARE GIANT SAGE has revealed an about-turn in its drive to release crucial new tax technology by the end of March. However, the new software will fall short of the full requirement set by HM Revenue & Customs.
Sage had previously said it would be unable to provide the new tax technology iXBRL by the HMRC deadline of 1 April. As a stop-gap measure it offered users a temporary product provided by rivals Thomson Reuters.
The software company is now ditching the Thomson Reuters plan and will provide its own product, “iXBRL Tagging” by 31 March. However, Sage is still unable to provide users with the full requirements laid out by HMRC.
Jayne Archbold, managing director of Sage’s accountants’ division, conceded the product is below full HMRC specifications, but above the minimum.
The IT giant will also provide an iXBRL update for its accounts production software on 31 March. However, this too is below the full demands made by the taxman.
Archbold, said the update will mean accounts created in the company’s current products are compliant with iXBRL.
The technology giant has previously said it will release new fully enabled iXBRL software later this year, which will meet the full HMRC requirements and contain various other features.
In 2006 the taxman gave software companies and tax payers notice that corporate tax returns had to be made using iXBRL by 1 April this year.
Sage is conducting a number of iXBRL road-shows to receive feedback from accountants on its products.
