ONE-IN-THREE BUSINESSES failed to submit their corporate tax returns in April using new technology, according to HM Revenue & Customs figures.
HMRC mandated as of 1 April that all corporate tax returns must be filed online using a new technology, iXBRL.
In April, 22,000 of the 66,513 returns required re-submission. The Taxman said it would take a sympathetic approach to any mistakes made in the first year of the technology’s introduction.
Phill Robinson, CEO of IRIS Accountancy Solutions, which provides iXBRL software, said: “The fact is that there are still huge numbers of businesses that have not provisioned properly for the introduction of iXBRL, with many choosing to file their April 2011 reports early to avoid using the new format.
“However, businesses really do need to get up to speed with the new standard as soon as possible. The mandation date may have passed but the issue of iXBRL has not gone away. With as little as seven per cent of companies having an April year end, the real impact of iXBRL will be seen in the coming months.”
From 2013, all financial reports filed at Companies House will also need to be in iXBRL format.
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