What is iXBRL
From 1 April 2011 onwards, all companies and organisations were required submit their Company Tax Return and the accompanying accounts online.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 does this affect?
All entities filing corporation tax returns, 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.
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.
For further information please please contact your usual Beavis Morgan Partner.