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As you are no doubt aware, HMRC are introducing mandatory electronic filing of corporation tax returns with effect from 31 March 2011. This is coupled with a change in the format for documents submitted with the return. Currently the accounts and computation can be attached to the XML return in PDF format, but from 31 March 2011 these will have to be in iXBRL format.
The format adopted by HMRC is not standard XBRL as currently used by Companies House for the filing of accounts. Instead, it is an extension of this format that allows presentational data to be included in the document alongside the XBRL data. A joint project has been initiated between Companies House and HMRC with a view to Companies House adopting this new technology and to examine the possibility of a joint gateway for filing returns and accounts.
If you are unfamiliar with iXBRL, we will be providing you with regular updates and information on this topic throughout the year. This will include a practical iXBRL Survival Guide which will help you take the necessary steps to prepare for the forthcoming changes. CCH will also be launching a dedicated website to provide you with a single source for all the information on iXBRL solutions, technical information and commentary relating to the new requirements. We will contact you shortly with further details on how to access this site.
CCH are committed to upgrading our corporation tax and accounts production software to provide you with the functionality to generate the necessary iXBRL documents. We are also aware that online filing of corporation tax returns may be new to your practice and you will want time to adjust to the new requirements. As such, our release program is designed to give you plenty of time to make any adjustments you need to your internal and client facing processes. This will include some educational pieces either via seminars or webinars.
CCH will therefore be updating our two corporation tax systems, CCH Taxmaster and CCH CorTAX, to include iXBRL tax computation functionality. Our accounts production systems CCH VAP and CCH ProCap will also be updated to produce iXBRL accounts. All these applications will be released this year, thereby providing you with a complete iXBRL solution in good time before the changes are effective.
Our accounts production and corporation tax systems will include the necessary import and export mechanisms to support you if you only use one of these products. Equally if your third party accounts production software has not been upgraded to support iXBRL our corporation tax systems will continue to support PDF attachments thereby allowing you to mix and match the attachments to the tax return until April 2011.
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