Electronic filing: The background
Following consultation, HMRC have mandated the use of XBRL for Corporation Tax filings including financial statements from 31 March 2011. This move will involve major compliance work from many companies to meet the new requirements.
Why the change?
HMRC and Companies House have brought about this change for a number of reasons.
- A decrease in manual rekeying, generating significant cost savings for HMRC and minimising errors
- Ability to harness the power of the data in much greater depth.
- As the code is the same worldwide foreign accounts can be instantly converted to English and vice versa.
Find out more by downloading our PDF Efiling: what does it mean to me?