Online accountants may be interested to hear about the successes and failures businesses have encountered in the first month of iXBRL filing.
HMRC has brought out its own product to help firms with the new iXBRL filing requirement and some accountants are urging companies to use this wherever possible.
Problems have been reported with accounting software giant Sage’s package, Sage Accounts Production.
HMRC’s online package CT600 is not immune from problems either. There are almost 50 omissions and restrictions from CT600 which means that anything other than the simplest accounts may have to be backed up by the use of a commercial corporation tax package.
Software demos of iXBRL suggested that it was a simple pushbutton exercise but users are discovering that this is not the case.
One man achieved success with Forbes after first attempting to file his corporation tax return with Sage but giving up after he received loads of error messages. He was quick to give Forbes the thumbs up.
IRIS, on the other hand, has not received such rave reviews. Before it became mandatory to file online, users reported a generic error that caused submissions to fail. IRIS released a new version of its software and users report that whilst it cleared up some problems, others have taken their place.
The IRIS website also warns that there is a huge demand for iXBRL support at the moment and people are waiting between ten and fifteen minutes before their calls are answered.
Sage increased its tech support team by 50% in the run up to the end of March. More than 3,700 calls were taken during the first week of April and claim that only 7% of these related to the functionality of iXBRL in its Sage Accounts Production Advanced package.
Luckily, HMRC has promised initial leniency for companies struggling to get to grips with the new filing requirements.