Practice News

Important Changes to Filing Accounts and Tax Returns - XBRL 

From April 1st 2011, HMRC will only accept accounts and Corporation Tax rerturns in a new format called XBRL - which means that accounts and returns prepared in Word, Excel and many other software packages won't be accepted!

XBRL, which stands for eXtensible Business Reporting Language, is a standard format and will allow HMRC to store information in a way that makes it easier to automatically analyse and manipulate. If you can't file both the Corporation Tax return and Statutory accounts in the correct format, your submission will be rejected by HMRC.

And now for the good news

Book Keeping Services (Devon) Ltd is prepared for the coming change. If you're an existing client and we produce your statutory accounts, then no action is required as we'll automatically generate your next set of accounts in the prescribed format.

 If you produce your own statutory accounts, please check with your software provider that your system will be fully XBRL compliant. If you can't produce compliant accounts with your current accounts software, we'll be happy to help convert them as necessary.

If you produce your accounts in Word, Excel, or submit PDF files, then contact us immediately as these files will not be accepted. We're well placed to cope with the change, with advanced accounting software and experienced staff to guide you through the changes.