File format update issued to small business accountants

Date: 4th September 2009

New plans related to the filing of online accounts have been announced by Companies House and HM Revenue & Customs (HMRC).

Small business accountants are likely to welcome the announcement that the filings will be accepted in the Inline XRBL (iXRBL) format.

This brings policy in line with the rules related to corporation tax, all returns of which must be made in iXRBL from April 2011 onwards - and means that UK firms will not be required to submit accounts and taxes in different types of files.

In order to facilitate the changeover, HMRC is unveiling a new service for company accounts from November, with software to be made "widely available" from retailers next spring.

Commenting on the move, Gareth Jones, chief executive of Companies House, said: "This early statement of our intentions will reassure businesses that both HMRC and Companies House are working closely together to align our services to make the filing of accounts as easy as possible for UK companies."

Mark Holden at HMRC added: "Today's joint statement is an important step towards our goal of offering a joint filing facility for company accounts and Company Tax Returns, as recommended by Lord Carter’s Review of HMRC's Online Services."