In the ideal world, it wouldn’t cost businesses any money to file their annual tax returns and accounts with HMRC and Companies House, respectively. Luckily, for some companies, this dream is a reality thanks to the Company Accounts and Tax Online (CATO) service, when most of the companies choose to work with a software vendor.

XBRL, also known as eXtensible Business Reporting Language, is an open standard reporting language that was introduced with the intention of improving the quality of financial data reporting.

If tax agents wish to access certain HMRC online services on behalf of their clients, such as the Making Tax Digital pilot scheme for income tax and VAT, then they will have to create an agent services account.

The digital age is no longer a futuristic world, nor is it considered to have reached its tipping point. In fact, it is the contrast and its expansion and evolution will indeed continue to gain pace. As a result of this momentum, it is expected that good data management will then become increasingly essential.

Have you been issued a penalty notice from HMRC for not filing your corporate tax returns? Worry not. You may still be exempt from late filing penalties if you are victim to a valid, excusable reason.

In August 2018, the IFRS Foundation released an additional seven educational modules in respect of the 2015 version of the IFRS for SMEs Standard. These modules aim to assist anyone who wants to prepare, use, or understand financial statements that have been prepared under the Standard.