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9 February 2011 - HMRC to take 'soft touch' on introduction of iXBRL

HMRC has stated that it "will be reasonable" regarding difficulties and mistakes in connection with the filing of iXBRL-tagged company accounts from 1 April 2011, for accounting periods ending after 31 March 2010..

HMRC will expect companies to "make a reasonable attempt" to comply with online filing, including iXBRL tagging, but it understands that people will not get everything perfect from day one.

In particular, HMRC will not:

  • reject returns which contain the minimum tagging to clear the HMRC electronic Gateway, unless it believes a reasonable attempt has not been made to tag part of the submission, and they will discuss this with the company first; and
  • open corporation tax enquiries solely or mainly to  check the quality of iXBRL tagging.

Click here for full details.

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