CoreFiling publishes iXBRL case study describing HMRC’s newly launched online Corporation Tax filing service
Oxford, 1st February 2010.
XBRL software and solutions provider, CoreFiling, has published a new case study describing the background to UK tax authority HMRC’s recent successful launch of its iXBRL (Inline XBRL) online service for UK Corporation Tax filers. The service has gone live some 16 months before the first filings are due.
The new Corporation Tax system represents one of the most significant XBRL projects in the world, and is the first to incorporate Inline XBRL. This innovative technology solution was conceived by CoreFiling, which then donated the idea to XBRL International and championed the drafting of the specification for this new rendering standard.
For HMRC, iXBRL represents the answer to some key challenges: how to provide a simple, non technical way for business people to file online corporate tax returns including structured, computer readable, XBRL based accounts, while giving both tax inspectors and finance professionals easy access to the same underlying information.
Mark Holden, Director of HMRC’s Carter Programme, summed up the advantages of this approach: “iXBRL preserves all branding and formatting so that HMRC sees exactly what taxpayers send”.
CoreFiling CEO John Turner commented: “CoreFiling has considerable experience supporting major regulators in the implementation of innovative XBRL technology, of which HMRC’s new Corporation Tax system is a prime example. Not only was the new UK-GAAP taxonomy developed using our SpiderMonkey taxonomy editor, but HMRC is also now using our True North Enterprise Processor, including its iXBRL validation capability, to make sure that all the accounting and computation documents supporting the online tax return are fully XBRL compliant. The new taxonomy is also available to the outside world via our Yeti Explore hosted review service.”
Contact us for your copy of the HMRC case study.