iXBRL News

Up to and beyond April 2011 there will be numerous sound bites and news articles relating to XBRL, as well as news from us regarding software upgrades or events and communications for our customers.

This section will be constantly updated as news feeds through, so keep taking a look in order to stay up to speed.

Latest CT online filing stats for Sage software

The online filing stats are out for October 2011, for the filing of CT returns to HMRC. The great news is that our filing stats continue to improve: for October the online filing success rate for Sage Corporation Tax (powered by ONESOURCE) was 96%.

We will continue to work on our software, in order to try and get this rate even higher. We'll soon be releasing an updated version of our CT software, with this in mind. So please watch this space...

Sage launches iXBRL accounts production software

31 March 2011 sees the launch of our iXBRL-enabled accounts production range. The iXBRL functionality is embedded, which means users can produce iXBRL statutory accounts for UK GAAP Single Ltd Companies directly from the software. Our existing accounts production customers can download their new version via the Download section of the Sage website, and if you aren't yet a customer (and wish to find out more information) please contact us on 0845 111 1111 or email xbrl@sage.com

HMRC server downtime 4 - 6 April 2011

HMRC have updated their server status page, and issued this message:
"Due to a scheduled upgrade you will be unable to access our online service between 07:00 on Monday 4 April and 06:00 on Wednesday 6 April. If you use commercial software you will still be able to submit your returns however you will experience a delay in receiving your online acknowledgement between 08:00 on Monday 4 April and 06:00 on Wednesday 6 April. Your acknowledgement will be sent once the service is restored. Please do not attempt to resubmit your submission. We apologise for any inconvenience this may cause."
If you have any queries around this you can contact HMRC on 0845 60 55 999 or Sage on 0845 111 1111.

Update for Sage XBRL Tagging

On 21 March we released an updated version of our Sage XBRL Tagging software, which now comes with revised 'working files' to automate the adding of XBRL tags to final accounts in Word format. You simply apply these working files to the imported accounts and the XBRL tags are allocated. There may still be some manual tagging to do, depending on the accounts data, but this is a another step forward for our iXBRL-compliant software, as we aim to ease the impact of XBRL as much as possible. More information on Sage XBRL Tagging can be found here, or contact us on 0845 111 1111 or at xbrl@sage.com

Sage iXBRL webchat on AccountingWEB.co.uk

On 22 March, experts from Sage Accountants' Division took part in a live webchat on AccountingWEB.co.uk, and for 2 hours fielded iXBRL questions from across the accountancy industry. Many of you wanted information on our iXBRL-enabled software, and a clear definition of how/when you will be able produce iXBRL files for submissions to HMRC. It made very interesting reading and you can view the transcript here.

HMRC releases guidelines on minimum tagging requirements

HMRC has published advice on the tagging requirements of XBRL to help ease the transition immediately after the 31 March deadline.

HMRC have been listening to feedback from across the industry and are aware that a number of you still have uncertainties regarding what makes a compliant submission – and this is outlined in their press release, along with advice on the tagging requirements of iXBRL to help ease the transition immediately after the 31 March deadline. This information can be accessed here.

Update on Sage iXBRL compliance

There has been speculation recently regarding Sage's delivery of solutions that enable iXBRL compliant accounts to be filed before 31 March 2011.

From March 2011, Sage will offer users two choices when producing iXBRL-compliant final accounts:

• Use our new iXBRL-compliant Sage accounts production software
• Use Sage XBRL Tagging software alongside an existing accounts production solution

Since the iXBRL changes were first outlined we have been working closely with customers and HMRC to ensure that our software meets the needs of accountants and is compliant with HMRC tagging requirements. Our new solutions enable customers to submit compliant accounts, which has always been Sage's number one priority.

The first option means existing users of Sage accounts production software can continue to use the software in exactly the same way as always – it will now just generate a different output file (i.e. an iXBRL one). Our iXBRL-compliant accounts production range will be released at the end of March 2011.

The second option uses Sage XBRL Tagging to add XBRL tags to accounts in Microsoft Word® format (or pre-prepared accounts from an accounts production software package). This new piece of Sage software comes with auto-tag 'working files' (or ready-made accounts) to automate as much of the process as possible, along with full documentation and assistance to support Sage's accountant customers through the process of generating XBRL files.

Sage has invested heavily in new customer services staff, who are fully trained and ready to support customers as and when required.

Both solutions complement Sage's existing iXBRL compliant software, Sage Corporation Tax (powered by ONESOURCE).

Sage launches XBRL document-tagging software

Sage XBRL Tagging is the next in our range of iXBRL-compliant solutions, following the successful launch of our compliant corporation tax software. Our Tagging solution enables you to add XBRL tags to final accounts in Word format, or to accounts that have been pre-prepared in accounts production software, ready for HMRC submission. Read more about our Tagging software

Sage iXBRL support plan: Step 1 unveiled

At Sage we understand that in addition to changes in software, iXBRL is also likely to affect your people, your IT systems and the way you work with your clients. Our 5-step iXBRL guide will provide you with timely updates and checklists between now and the mandatory switchover - alongside guides to using iXBRL-enabled software - to ensure that you have everything in place prior to the 31 March 2011 manual filing deadline.

New iXBRL-compliant Sage Corporation Tax (powered by ONESOURCE) software now available

We're pleased to announce that our brand new iXBRL-enabled corporation tax software has now launched, and is available for your practice. It's great news for us as we launch the first half of our iXBRL software package. Click here for further information

Webchat: iXBRL and your practice

Is your practice ready for iXBRL? How will you remain compliant? What about your clients? On 27 July at 11am, AccountingWEB.co.uk editor John Stokdyk will be hosting an online iXBRL forum along with experts from Sage Accountants' Division as they answer your questions surrounding iXBRL and how it will affect your practice. Sign up here

Sage Corporation Tax continues to achieve outstanding online filing success rates

The latest corporation tax online filing stats released by HMRC, for May 2010, are great news for Sage. Our Sage Corporation Tax (powered by ONESOURCE) software solutions achieved a combined 97.99% success rate for first-time online submissions - and this rises to a 99.64% success rate where users try again and successfully file.

These compare well to a combined 94.66% for other third parties (excluding Sage), and 89.95% for HMRC's own product.

This news couldn't have come at a better time for Sage, with the launch of our new iXBRL-compliant Sage Corporation Tax (powered by ONESOURCE) v5.00 due at the end of July 2010.

Source: hmrc.gov.uk

XBRL - when to tag, how to tag, what to tag

At Sage we've been speaking to several accountants who have found a particular HMRC white paper on XBRL tagging extremely useful. It makes it clear what you need to do regarding XBRL/iXBRL for both corporation tax and final accounts, and lists all the options available to you going forward in terms of XBRL compliance.

You can read the HMRC XBRL tagging white paper here.

Sage software receives HMRC recognition for iXBRL

Sage Corporation Tax (powered by ONESOURCE) has been granted HMRC recognition for:

• Production and submission of iXBRL tax computations
• Submission of iXBRL accounts

This is a great milestone for us at Sage and one that we've been working extremely hard on. We hope it's one of the many ways that demonstrates our ongoing commitment to XBRL compliance — and our over-arching theme of keeping 'XBRL under control'.

Sage Guide to iXBRL

We recently posted our Sage Guide to iXBRL; talking about what XBRL is, what the impact is on the industry and when it's all happening — plus how we're developing our software in-line with HMRC to ensure effortless compliance. View Sage Guide to iXBRL

Sage XBRL Usability and Design Panel

Want to help shape the future of Sage software for accountants, as we move towards XBRL functionality?

The Sage XBRL Usability and Design Panel is a communitiy of accountants who will help inform how we develop our accounts production and corporation tax software in-line with changes from HMRC and Companies House. Click here to join the Sage XBRL community today.

Sage joins XBRL UK

We recently became a member of the organisation 'XBRL UK'.

Why? Mainly so that we have direct contact with those producing and implementing the XBRL specifications and taxonomies and, from that, a quick and deeper appreciation of the issues involved in supporting XBRL in Sage products.  The membership includes the ICAEW, HMRC, Companies House and major accounting practices.

We also expect to quickly and efficiently add to our existing knowledge base of XBRL during the coming development of electronic filing of accounts for Corporation Tax returns.

Read a quick summary on who XBRL UK are

Recent updates to XBRL taxonomies

XBRL UK are preparing the ground for the future large-scale take up of electronic filing to HMRC by updating existing taxonomies and issuing new ones.

Recently, they issued the 2009 updates to the accounts taxonomies for:

• UK GAAP
• UK-IFRS

The taxonomies are final versions and are based on reporting regulations as announced by 1 September 2009.

An all-new taxonomy was issued for UK Banking.  This supports reporting in XBRL by financial organisations filing under IFRS regulations.  It is an extension to the main UK-IFRS taxonomy.

HMRC also have been active and have issued details of the minimum tagging requirements for the 2009 versions of the UK GAAP and UK-IFRS accounts taxonomies.

Further information can be found on the XBRL UK website

Electronic Tax Filing

Want to know what the changes to corporation tax electronic filing mean — for you, your clients and software providers? Our own Andy Laver recently posted a response on AccountingWEB.com. Read the article here

XBRL FAQs

In response to numerous concerns and queries from accountants across the UK, HMRC have posted their own Q&A document for thos frequently asked questions. Read the document in full at their website