Tue, 1 Mar 2011

Still time to meet iXBRL deadline

Payroll professionals must prepare for electronic corporation tax filing, which comes into force next month.

From 1 April, companies must submit taxes to HMRC using iXBRL for the period ending 31 March 2010 and filed after 1 April 2011. John Turner, CEO of CoreFiling which developed the format, said the new system would be quicker.

He dismissed the anxieties of companies that have warned they will not be ready in time, saying: ‘If your software is not ready yet, that doesn’t matter. Most people have time before their filing deadines.’

The change continues HMRC’s aim to move its services online, as it has already done for PAYE.