iXBRL- how will it affect me?

iXBRL is a new format for submitting both tax computations and accounts to HMRC. This is the official wording from the HMRC website:

From 1 April 2011, all companies and organisations must submit their Company Tax Return online for any accounting period ending after 31 March 2010. If you have to prepare accounts under the Companies Act 2006, you must submit your accounts and computations in a set format - Inline eXtensible Business Reporting Language (iXBRL).

 - HM Revenue & Customs

To translate, this means that each element within your company accounts and tax computations now need to be “tagged” with an XBRL tag, and submitted with your CT return.

What do I need to tag to comply with HMRC's iXBRL requirements?

The final accounts that you attach when submitting the CT600 return will need to be tagged. This means that all items in the accounts that have a corresponding tag in the Minimum tagging list (taxonomy) will need to be tagged. HMRC have advised that the first two years are going to be transitional and hence they will not penalise tagging mistakes. However HMRC have also indicated that tax returns with attached accounts where the XBRL tagging falls below the legislative requirements are more likely to be subject to a check. 

Do I need to file the accounts in iXBRL format?

Generally, if you are required to prepare accounts under the Companies Acts you must attach the accounts in iXBRL format. If you are submitting a return for an unincorporated club or association you can submit the accounts as either a PDF or iXBRL file.

To learn more visit our resource website www.ixbrl-inform.co.uk

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