SAGE CUSTOMERS will receive an updated version of new tax technology, ahead of mandatory introduction from HM Revenue & Customs in 2013.
HMRC required from 1 April that all corporation tax must be filed online using tax tagging technology iXBRL.
From April 2013 the taxman will increase the amount of information it requires to be tagged using iXBRL for all corporate tax submissions.
Sage has announced the upgrade, as part of accounts production software, is already compliant in UK GAAP for single limited companies. It hopes to update its software to be compliant with other reporting requirements by March 2013.
Jon Martingale, (pictured) product manager, accountants’ division, Sage UK, said: “As an HMRC-recognised solution, the module – which integrates seamlessly with Sage Accounts Production and Sage Accounts Production Advanced – provides users with the peace of mind that their accounts will be fully iXBRL compliant ahead of the deadline.
“New features such as the ability to build cashflow statements within the module, identify and resolve errors in real time, and edit financial statements without having to recompile reports, means that accountants can spend more time filing and less time administrating and hunting for errors.”
For the first two years of the introduction of iXBRL HMRC is taking a light touch approach to handing out fines to filers who have made mistakes using the new technology.
However, from 2013 as well as increasing the amount of tags required for submissions, the taxman will return to dishing out stringent reprimands on any incorrect or late filers.
Just months before the introduction of iXBRL Sage announced it would fall short of the minimum requirements needed.
A year on the listed company has turned the tables and announced the launch of Sage Financial Statements as part of its existing software for accountants, which will ensure submissions are fully iXBRL compliant ahead of the upcoming deadline of April 2013.
Sage will conduct a number of road shows around the country between May and November to train and support customers on the latest update.
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