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Companies face new XBRL tagging requirements

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According to Deloitte, it will be mandatory for company accounts that are submitted to HMRC as part of a corporation tax return to be tagged using a new XBRL taxonomy from 1 April 2015. HMRC updated its systems in December 2014 and is therefore able accept company tax returns containing accounts that have been tagged with the new taxonomy.

HMRC has issued guidance following the release of the new XBRL taxonomy that supports the new UK GAAP standards FRS 101 (reduced disclosure framework) and FRS 102 (the financial reporting standard applicable in the UK and Republic of Ireland) as well as EU-adopted IFRS; although HMRC has also said that accounts prepared before 1 April 2015 that have been tagged under the existing XBRL taxonomy will be accepted whenever the tax return is filed, so that tax return filers do not have to re-tag those accounts.

Issue: 1252
Categories: News , Compliance , Corporate taxes