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XBRL and how it will affect you.


Call us now on 023 8083 6900 ABDS Home

News - 18 March 2011

XBRL and how it will affect you.

From April 1, 2011, new regulations come into play from HM Revenue & Customs (HMRC), requiring all company tax returns to be submitted online, using a set format known as eXtensible Business Reporting Language or
XBRL

Because every company, and every set of Corporation Tax computations are different, this new system uses tags similar to Barcodes which enables the
computer software to automatically read and process the information, which allows HMRC to calculate the tax charge and to select companies for more detailed enquiry. It is very important to get this right first time. Each submission will be subject to a vigorous review process to ensure that the tagging and submissions are accurate.

Tonmoy Kumar, Manager of the Accounts Department of ABDS says:

“We at ABDS have been preparing for this change for a considerable time now and are fully prepared to help our clients through the change and of ensuring that the correct taxonomy is applied to tagging the relevant data in both the statutory accounts and the corporation tax computations.”

TK goes on to add

“in addition to our normal service, we are able to provide a support and XBRL filing service to any Corporate body who requires help in this matter”

If you need any help and advice on this or a similar matter don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning and business advice.

ABDS of Southampton, for all of your Tax Planning, Compliance and Tax Returns.

Tel: 023 8083 6900  E-mail: abds.marketing@netaccountants.net

ABDS of Southampton For all of your Personal and Corporate Tax Planning.

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