Bootham accountants ready for new tax system (From York Press)

HPH Chartered Accountants ready for new tax system

10:50am Thursday 6th January 2011 in Business news

A York firm of chartered accountants has become among the first in North Yorkshire to gear up successfully for a major change in corporate business accounts reporting which starts this spring.

HPH Chartered Accountants, of Bootham, has completed the investment and training to introduce Inline Extensible Business Reporting Language (iXBRL), a new electronic format in which business accounts must be delivered to Her Majesty’s Revenue and Customs (HMRC).

iXBRL reporting takes effect for business accounting periods ending after March 31, 2010, where business accounts are filed with the taxman after March 31, 2011, in a new format where a wide range of data is embedded and tagged so inspectors can more easily assess and compare financial records.

Adrian Rodaway, a partner at HPH Chartered Accountants partner, who oversees its IT strategy and chairs a national forum of IT issues for accountancy practices, said: “The introduction of iXBRL is a major step requiring investment and training and it is clear that, as the deadline looms, many smaller practices, for which this is a greater burden, may not yet have a system in place.”