Companies House confirms receipt of first iXBRL accounts

Accountants may be interested to learn that Companies House has confirmed receipt of the first set of accounts filed in iXBRL format.

iXBRL technology allows users to tag financial information in their company accounts and tax returns. As from the first of April this year, all corporate tax returns had to filed with HMRC in iXBRL format.

Jack Mansfield, who is head of online transactions at Companies House, confirmed that the first software provider to achieve iXBRL e-filing was Digita. The audited accounts supplied on Digita software were global firsts as far as the public register is concerned.

Companies House had originally mandated that all accounts would have to be filed in iXBRL by 2013. However, the registrar decided not to enforce the requirement earlier this year because take up of the technology was so popular.

Paul Winston, the owner of the chartered accountants that submitted the first iXBRL set of accounts, said he was delighted that his company had made history. The filing process is really easy and being able to file accounts electronically is a major breakthrough that the firm had been hoping to see for years, he explained.

Meanwhile, Bloomsbury Professional has launched an internet-based, affordable tax reference service. The service covers the main taxes as well as specialist topics such as property tax, employment tax and trusts.

Steve Savory, a Bloomsbury publisher, pointed out that most of the online reference services cater for large organisations that need to access thousands of documents every year and spend several thousand pounds doing so. However, the majority of high street firms can’t afford that luxury and this new offering will be available for an annual subscription of around £195.

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