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Scope of tagging
The accounts sent with your return 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.
Accounts often include more than just financial data, for example charts and diagrams showing trends over a number of years, comparison with sector indices and general descriptive information on the scope of business and operations etc. Not all of this needs to be tagged. The following describes how preparers should identify which data within a set of accounts needs to be tagged:
- the starting point is the accounts you are required to send as part of a Company Tax Return in iXBRL format. For example, a company incorporated under the Companies Act is required to send the individual accounts they must prepare for their members - a balance sheet, a profit and loss account and notes to the accounts -including any Directors’ and Auditor’s reports similarly required
- all instances of data within the balance sheet, profit and loss account and notes to the accounts must be tagged. If a data item appears more than once then it must be tagged each time
- the Directors’ report and Auditor’s report must also be tagged, but only to the extent that data within these are also within the Directors’ report and Auditor’s report sections
- of the taxonomy (together with general information, such as company name, CRN, etc).
- prior period comparative figures within the accounts should be tagged
- there is no requirement to tag other textual reports, such as the Chairman’s statement, financial review etc
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.