As you may have heard, as of April 1st this year all online Corporation Tax filings must be submitted in a new format known as iXBRL (eXtensible Business Reporting Language). Unfortunately, despite having around a year to prepare, some software providers and firms still aren’t ready for the change.
This led to a group of tax and accountancy bodies, including the Chartered Institute of Taxation, last week penning a letter to the Exchequer Secretary asking for the deadline to be moved back, in light of some delays from major software providers.
Unfortunately for those affected by the change, Treasury Minister David Gauke has responded to the letter with a fairly resounding “No.”
In his response, Gauke says of the introduction –
“There will always be implementation challenges, and HMRC’s challenge here is to work through them in collaboration with the representatives bodies.
“Having read your letter and considered it along with other representations, I would like you and HMRC to proceed on the basis that mandation of online filing in iXBRL will go ahead as planned on 1 April.”
You can read the full letter here (PDF).
So how will the changes affect Crunch customers? Short answer – they won’t. One less thing to worry about.