HMRC HEADACHE FOR COMPANIES

HM Revenue & Customs (HMRC) will require all companies to change the way they file their Corporation Tax Returns and Financial Accounts online.

For accounting periods ending after 31 March 2010 Revenue (HMRC will only accept Corporation Tax Returns and Company Accounts in the new eXtensible Business Reporting Language (XBRL) format.

HMRC have already stated that anything filed in a non XRBL format will be rejected.

Many large companies produce their own financial statements in Microsoft Excel or Word formats. The change will certainly cause concern where companies need to maintain control over their own reporting.

Companies are now questioning the use of XBRL when they approach the preparation of accounts for Tax purposes as they need to know that they can produce them in an acceptable format.

If you want to be ready for this change call Ian Rodd on 01202 875900.