iXBRL reporting came into force last year, but as from April 2013, HMRC will require additional information on corporate tax forms to be tagged using the technology.
John Martingale, a Sage product manager, explained that the module is recognized by HMRC and integrates with the Sage Accounts Production package and the Advanced version of the software. Users will be able to rest assured that they will comply with HMRC regulations before the deadline.
The Revenue is taking the soft soap approach during the first two years of iXBRL reporting to enable users to get their heads around the new technology. However, as from April 2013, HMRC will start dishing out fines for late or incorrect filings.
Sage did have problems just months before iXBRL came into being last year but the company has pulled itself around and its latest product will be made available to accountants well before the April 1st 2013 due date for submissions. Customers will be able to attend Sage road shows around the country from May to November to get training and support on this latest update.
It’s good to see a company getting on top of things so early on. If there are any problems with the software, Sage has nearly a year to get them ironed out.