Press Releases

February 2011

Accountants Condemn iXBRL Delay

South West chartered accountancy firm Milsted Langdon has criticised the industry’s software providers after a number of senior tax experts said the government would need to delay its plans for compulsory online filing of tax returns using the iXBRL system.

iXBRL (Inline eXtensible Business Reporting Language) is an internationally-recognised computer-based language format which allows business data to be tagged with machine-readable codes.

By switching to this system, HM Revenue and Customs (HMRC) hopes to reduce its administration costs and increase the speed at which it can process data.

However, there is growing concern that many businesses will not be able to meet the April 1 deadline, particularly after Sage confirmed last month that its specialist accountancy software would not be ready in time.

The six main tax and accountancy bodies, including the Chartered Institute of Taxation (CIoT) have written to the Exchequer Secretary, asking the government to reconsider the timing of its plans, although there has not yet been any indication that it will do so.

Milsted Langdon partner Jon Stocker said: “We understand the calls for delay but it is an indictment on the UK accountancy software providers that they are not prepared, given that iXBRL has been introduced with plenty of prior warning. 

“At Milsted Langdon we went to a great deal of effort to ensure we were ready on time, and it is disappointing to see that other companies appear not to have done the same.

“Nonetheless, our clients can be assured that we will be able to move forward with iXBRL whenever that is ultimately necessary.”

For more information visit www.milsted-langdon.co.uk or call 0117 945 2500.