HM Revenue and Customs is warning half a million tax professionals to be ready for a new tax reporting language, in a mass mail out this month.

As of 31 March 2011, accountants will be forced to use a tagged data format known as XBRL.

Mark Holden, Director of HMRC’s Carter Programme, said the changes will affect accounting periods ending after 31 March next year. Agents and businesses need to be thinking about these changes now.

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