IXBRL, what does it change for me?
I have been trawling the web for answers but I am still a bit in the dark on IXBRL.
I have a limited company that doesn't have a lot of activity at all, just some very simple income and costs is all what's in the accounts.
Every year I do the webfiling and I submit a paper version of my accounts to HMRC.
Now the new IXBRL thing comes in and: http://www.hmrc.gov.uk/ct/ct-online/file-return/xbrl-guide.pdf this guide is not very clear in my opinion.
Can somebody maybe explain in bulletpoints:
- If I can use the free software by HMRC to file accounts?
- Is there any reason for me to buy any software to be compliant with the iXBRL standard?