What is iXBRL
From 1 April 2011 onwards, all companies and organisations must submit their Company Tax Return and the accompanying accounts online for any accounting period ending after 31 March 2010. The accounts and computations must be submitted in a set format - iXBRL (inline eXtensible Business Reporting Language). iXBRL is an IT standard designed specifically for business financial reporting, that retains the original format of the accounts but includes “tags” that translate the information into an electronic format.
What is tagging?
HMRC have produced a list of all the items within your company accounts which must carry a unique tag. This will enable them to electronically analyse this data. The full UK GAAP tagging list contains approximately 5,000 tags. Tagging is the process whereby the electronic tags are added to the financial information.
Who will it affect?
All entities filing corporation tax returns after 31 March 2011, including the following organisations:
- charitable companies
- overseas companies registered in the UK
- Companies that are part of a group must submit their individual company accounts in iXBRL format
- building societies, friendly societies and industrial and provident societies
If you prepare accounts under the Companies Act 2006 you must submit your accounts and computations in iXBRL.
Can I just ignore it?
The simple answer – No. If you make no attempt to file the information electronically from 1 April 2011 then HMRC will reject your paper return and you will suffer the fines and penalties for a late filing (once you do eventually file electronically).
How can we help
Beavis Morgan offer a range of iXBRL services to ensure your tax return and accounts will comply with the necessary HMRC requirements.
We can offer the following services:
- preparation of the statutory accounts with the necessary iXBRL tags;
- tagging accounts prepared in Microsoft Word or Excel;
- design a custom made template for you to complete in Microsoft Word with the iXBRL tags embedded.
Our Service is delivered by our in-house Beavis Morgan iXBRL team based in the UK; we do not outsource the process.
- Research & Development - Tax Credits for SMEs
- Capital allowances planning
- Seed Enterprise Investment Scheme
- Research and Development
- Patent Box
- Creative Sector Tax Reliefs
- Enterprise Management Incentive ("EMI") Options and Entrepreneurs' Relief
- Capital Allowances: Embedded Plant & Machinery