iXBRL update for computations and returns

Tax Computer Systems Limited is delighted to announce Alphatax is fully compliant with HMRC’s new mandatory e-filing standard. HMRC have confirmed that from April 2011 tax computations and supporting accounts must be filed using the new iXBRL standard and that paper submissions will no longer be accepted. We believe we are the one of the first software providers to provide a fully automated solution covering the completion and submission of comprehensive iXBRL tax returns.

Alphatax automatically embeds all relevant XBRL tag names in the tax computation without user intervention. Accordingly the user does not need to have any knowledge or understanding of the iXBRL syntax. Furthermore, there is no requirement for the user to tag any number manually. Many organisations have expressed concerns that HMRC’s use of benchmarking and automated data mining techniques may reveal weaknesses in the data when filing under iXBRL. The Alphatax approach achieves a robust and accurate solution across organisations of any size.

Alphatax was the first software to be accredited for XML e-filing in 2003 and today Alphatax is the leading independent provider of CT e-filing submissions. With one of the highest R&D budgets in the industry TCSL is committed to being the foremost supplier of end-to-end corporate tax compliance software. From the proactive dialogue we have had with HMRC, we are confident we will continue to be the first to provide new technology, using elegant solutions that exceed the expectations of our customers.

For more details on iXBRL and Alphatax, go to our iXBRL Development Update page.