News

iXBRL – DIGITA ON TARGET TO DELIVER

15 September 2009

Practitioners using Digita software need have no worries following the announcement by HMRC that that the current voluntary regime for the online filing of Corporation Tax is to become compulsory from April 1st 2011.

As part of Lord Carter’s 2006 review recommending that HMRC and Companies House should provide a joint online filing facility, he also recommended that all companies must file their Corporation Tax returns, accounts and computations online using the international data standard iXBRL.

This will enable companies to make a single transmission over the internet for their company tax return and accounts.

iXBRL is a method of tagging data so that each item can be electronically analysed. In practice it means that the viewer sees what the author intended in terms of content and layout, but can sift and sort specific data to meet their requirements.

Nigel Powell, Business Development Manager at Digita said:

"We have been working closely with HMRC for some time and are fully prepared for the new online filing regime. Practitioners using Digita Corporation Tax and Digita Accounts Production need take no action other than wait for the software upgrade which will be available in good time.

"Digita Corporation Tax will automatically convert computations into iXBRL for online filing while Digita Accounts Production will generate an iXBRL version of the required accounts information.

"Those without software capable of translation into iXBRL or software that is simply incompatible with the format, have 18 months to find a new package that will meet this legally required functionality."


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