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How is iXBRL being used in the UK?

The legislation means that most companies must file their Company Tax Returns, including financial accounts and computations in iXBRL from 1 April 2011, for accounting periods after 31 March 2010.

On 1 September 2009, HMRC and Companies House issued a statement announcing a common approach to the online filing of company accounts that would enable both orgsanisations to receive accounts in iXBRL format. HMRC and Companies House introduced a joint filing service for company accounts in October 2010. The service, enables most small companies with relatively straightforward financial affairs, to submit their company accounts online to both organisations using a ‘one stop’ online facility.

Please note: this guide explains how businesses can convert what they have to file as part of their Company Tax Return into iXBRL. For some, conversion into iXBRL may be achieved automatically by final accounts production (FAP) or tax preparation software, or by using the HMRC service. However FAP or conversion software users are likely to have to do some manual tagging to expand on the automatic tagging provided by their software.