Companies House and HMRC announce new joint accounts filing initiative

Companies House and HMRC have announced a shared filing channel which is now in operation.

This follows on from a recommendation as long ago as 2006 recommending that these two bodies should work together to enable accounts to be submitted to both parties at the same time using XBRL technology.

Obviously this initiative has probably been driven by potential cost savings, but I am not entirely clear as to the benefit for the end user and potentially, it could lead to more work.  Furthermore, I can see one big problem area relating to Abbreviated Accounts where these are filed at Companies House, but full Accounts are required by HMRC.

It is still early days for this new initiative so we will have to wait and see how this develops.