Most UK businesses have done little or no
planning to meet electronic filing (e-filing) requirements set by
HM Revenue & Customs (HMRC), according to a survey by
All UK corporation tax filings will have to be
filed through e-filing as of 31 March 2011 and tax returns, tax
computations and statutory financial accounts must be tagged using
Inline eXtensible Business Reporting Language (iXBRL).
Just 4% of survey respondents said they had
chosen a solution or service provider to meet the e-filing
requirements set by HMRC, while 44% had done no planning and 49%
had only started to assess solutions.
Just 21% of respondents said the move to iXBRL
is a driver to transform their accounts preparation process but a
massive 71% saw it as additional compliance work.
Deloitte has recommended a two stage strategy
for companies – complying with HMRC’s ‘soft landing’ in the short
term, alongside improving the accounts process and tax compliance
process during the next two to three years.
More than 100 tax professionals from a range
of UK businesses participated in the survey.