TechnologySage about-turns on iXBRL fix

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.

graph-sage-about-turn

Related Articles

Navigating the changing landscape of UK business at Sage Summit UK

Accounting Software Navigating the changing landscape of UK business at Sage Summit UK

9m Emma Smith, Managing Editor
Sage hit by client data breach

Accounting Software Sage hit by client data breach

1y Richard Crump, Writer
Sage launches refreshed iOS app for small businesses

Accounting Software Sage launches refreshed iOS app for small businesses

2y Fraser Simpson, Reporter
Four things we learned at Accountex 2016

Accounting Software Four things we learned at Accountex 2016

2y Fraser Simpson, Reporter
Strong revenues for Xero as it pins down UK market

Accounting Software Strong revenues for Xero as it pins down UK market

2y Fraser Simpson, Reporter
Accountex: Making tax digital and the power of cloud

Accounting Software Accountex: Making tax digital and the power of cloud

2y Fraser Simpson, Reporter
Accountex: Real-time data analytics and AI changing way firms use software

Accounting Software Accountex: Real-time data analytics and AI changing way firms use software

2y Richard Crump, Writer
Video: Sage VP Jennifer Warawa on keeping pace with cloud players

Accounting Software Video: Sage VP Jennifer Warawa on keeping pace with cloud players

2y Fraser Simpson, Reporter