New iXBRL P&L tags coming in October

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HMRC is preparing to introduce new iXBRL tags to be applied to detailed profit and loss accounts filed alongside corporation tax returns.

In October, the iXBRL definitions and tags for activities and cost analyses that typically appear in a detailed profit and loss accounts will change for both UK GAAP and UK. The objective of the exercise is to allow HMRC to do a more thorough computerised analysis on the different income and expense categories - although many observers are still convinced that HMRC does not have the resources to carry out such intensive reviews.

The updated taxonomies will need to be applied to any P&L statement for periods ending on/after 1 April 2014 that is submitted as part of the CT600 filing pack. But companies that adopt the tags early will be able to apply them to detailed P&L submission from 1 October.

Since efiling for became mandatory for corporation tax accounts...

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23rd Sep 2013 13:47

HMRC checks

Just to clarify, for accounts ending on or after 1 April 2014, if a detailed profit and loss account is included with the accounts then it must be tagged. Previously there was only a requirement to tag the detailed P/L if it was included with the corporation tax computation. There is a new list of tags for the detailed P/L. Previously there were different lists depending on whether the detailed P/L was included with the accounts or the computation.

There are suggestions above that the iXBRL regime may get tougher. I personally think this is unlikely. The only real way for HMRC to check the tagging is for HMRC to train up a team (expert in accounting requirements, tagging and the use of software to examine the tagging) to manually examine accounts. There are no penalties that HMRC can apply for incorrect tagging and it is hard to see how it would yield extra corporation tax. It would not therefore be cost effective.

Philip Hodgson
VT Software

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