iXBRL Tagging Article Series | Read about what is iXBRL, how to convert financial statements to iXBRL for HMRC filing, who has to and when to file iXBRL
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Know All About iXBRL Tagging
For conversion of financial statements into iXBRL format and company tax returns filing with HMRC
All About iXBRL Tagging | Article Series Part 1
What is iXBRL
XBRL, abbreviation for eXtensible Business Reporting Language, is an XML-based language for tagging financial data that enables business to efficiently process and share their data. XBRL allows the presentation of financial information in a computer readable format. This is achieved by tagging each piece of financial information with a label that identifies it in terms of standard accounting or tax concepts.
iXBRL, or inline XBRL, is a more recent version of the language which allows financial information to be presented in a format that is both human readable and machine readable.
Why you should file financial statements in iXBRL with HMRC
Legislation, which came into force on 1 January 2010, means that it is compulsory for companies to send their Company Tax Returns online using iXBRL for accounts and computations.
The new requirements are effective for returns delivered on or after 1 April 2011, for any accounting periods ending after 31 March 2010.
In the UK, you will have to file company tax return annually, if you are registered as:
a limited company
any foreign company with a UK branch or office
Groups of individuals carrying out a business (such as co-operatives or associations) may also need to file the company tax returns even if they are not incorporated but starts trading
The financial statements which should be converted to iXBRL format include statement of financial position (balance sheet), statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows and Notes comprising of a summary of accounting policies and other explanatory information.
Preparers must tag items in financial reports for which a tag exists in the appropriate taxonomy. If no tag is available, the data concerned should simply be left as plain text.
By when should you file financial statements in iXBRL
There is no universal deadline to file a company tax return. The date is unique to each company depending on the accounting period.The deadline to submit iXBRL accounts as a part of company tax returns is 12 months after the end of the accounting period it covers.
Corporation tax is usually charged for accounting periods for one year, except for the periods when a company starts and ceases, or if there is a change of accounting date.
Companies have multiple options to consider when it comes to preparing their XBRL reports. The best option will depend on the resources available in house.
If you have in-house expertise then you can install a customized software package which incorporates the appropriate taxonomy and allows tagging of data elements against the taxonomy.
If you prefer an iXBRL expert’s help then you could consider outsourcing to HMRC recognised iXBRL service providers like FinTags. We receive financial statements in Word/PDF format and deliver accurately tagged and HMRC-pre-validated iXBRL files.
Disclaimer : For your benefit we have collated relevant information related to regulatory reporting. Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. The information is provided as a guide only and is not professional advice including legal advice. You should obtain specific professional advice before taking action.
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