Alphatax complies with UK Revenue Commissioner’s E-Filing Requirements

12Jul10

Tax Computer Systems, the Irish financial software company, today announces that the latest version of Alphatax, its computational tax product, is now iXBRL compliant.  Its compliance comes ahead of formal requirements from the UK Revenue Commissioner’s (HMRC) for all financial information in the corporation tax submission process to be iXBRL compliant by April 2011.

eXtensible Business Reporting Language (iXBRL) is a system for coding and decoding information in the financial world.  It can be considered akin to using barcodes for financial data.  It provides for a standard global framework to support the exchange and storing of financial data.  Already countries around the world have mandated that electronic filing of financial data must be iXBRL compliant.

“We have spent the past two years ensuring our flagship product, Alphatax, is iXBRL complaint,” says Daran Gibney, business director in Ireland.  “In November 2009 we became the first major corporation tax software provider to achieve recognition from HMRC that Alphatax met the requirements of their software recognition process in full”

“Our solution allows automated tagging of all relevant items in corporation tax computations without any additional user effort or knowledge of the complex rules underpinning the iXBRL standard. Our approach ensures that we can achieve an unparalleled level of accuracy and consistency when compared to manual tagging processes or templates,” says Gibney.

At the same time Tax Computer Systems has been developing an iXBRL statutory accounts converter due for release in the summer which converts documents created with DTP tools (such as Word or Excel) to iXBRL format.  The system tags the statutory accounts prepared to either the UK GAAP or the IFRS accounting standards using the appropriate XBRL taxonomies. The user may also add additional XBRL tag names, or amend assigned tags. The software learns from previous choices and applies this knowledge when tagging other companies in the group and later periods. The automation in the conversion will offer significant gains to users compared with manual only mark-up software applications.

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Tags: Alphatax, financial software, Irish financial software, iXBRL compliance, Practice PR, Public Relations Ireland, Tax Computer Systems