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February 9, 2011

Minister dismisses call to delay iXBRL

The UK government has rejected pleas to delay the transition to a new corporation tax online filing regime saying it will be “sympathetic” to difficulties in software delays.

Earlier this month the Institute of Chartered Accountants of Scotland (ICAS) and other large institutes urged the UK government to review its 1 April 2011 date of mandatory iXBRL tax filing because many companies and tax agents do not have the software yet.

In his response letter, HM Treasury exchequer secretary David Gauke said “no-one who has made a reasonable effort to comply will be penalised” and any customer with real difficulties were told to contact HM Revenue & Customs (HMRC).

However, ICAS assistant director of tax Donald Drysdale said “this is far from ideal.” He explained that contacting the HMRC can be “an almost impossible task at the best of times.”

 

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Businesses not ready for iXBRL tax filing

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