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iXBRL Tagging article series | In this part we list who are required to submit financial statements in iXBRL format as a part of CT600 filing with HMRC.
Who should submit financial statements in iXBRL format with HMRC? Criteria for companies required to file financial statements in iXBRL and exemptions Statutory Requirement
The statutory accounts filed along with the corporation tax returns need to be in iXBRL format if they are required to be prepared under any of the following legislation:
individual accounts required to be prepared under Chapter 4 of Part 15 of the Companies Act 2006 Building Societies Act 1986 Friendly and Industrial and Provident Societies Act 1968 Friendly Societies Act 1992 Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008
In addition, overseas companies resident in the UK must deliver the accounts required by a notice to deliver a return in iXBRL.
Also a company not resident in the UK, but carrying on a trade in the UK through a permanent establishment, branch or agency in the UK, must deliver any trading and profit and loss account and any balance sheet of the UK establishment, branch or agency required as part of its return in iXBRL format.
In other circumstances, accounts can be sent as either iXBRL or PDF files.
Read Next : How To Prepare iXBRL and File CT600
Simple 4-step process to convert your annual financial statements to iXBRL and file corporation tax returns with HMRC.
1. Sign In
to create your account online and manage iXBRL files
2. Pay and Upload
necessary documents in Excel, Word or PDF format
iXBRL package when ready within required turnaround time
CT600 with iXBRL to HMRC. We assist you in filing.
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