22nd November 2009
The deadline for iXBRL submission of tax returns and accompanying annual accounts is approaching more rapidly than many care to acknowledge. CT600 Returns due after 31st March 2011 must be filed using the XBRL language which tags relevant data in a consistent way. But there are two dimensions to the problem. Providers of tax software it can be assumed are familiar with the requirements and working towards a solution since this has been on the cards for some time. However, developers of accounting solutions appear to be late to acknowledge the need to incorporate XBRL tagging in their solutions so that companies can comply with the “minimum set” of XBRL tags that will be used between March 2011 and April 2013. But there is another twist to the story. HMRC is not asking simply for XBRL (as is the case in other countries) but for iXBRL or inline XBRL which enables any documents produced to be both machine readable and capable of being read by a human. This will take time to develop but there are few signs that anyone, least of all preparers of accounts have any idea of what is required.