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...
About John Stokdyk
John Stokdyk is the global editor of AccountingWEB UK and AccountingWEB.com.