From 1 April 2011, company tax returns and accounts for accounting periods ending after 31 March 2010 must be filed online using the inline Extensible Business Reporting Language (iXBRL) format, the new standard designed for business financial reporting.
From the same date, companies and organisations will have to pay any Corporation Tax and related payments electronically, for example by direct debit.
The changes will affect limited companies as well as organisations such as clubs, societies, associations, co-operatives, charities and other unincorporated bodies.
Any overseas company that is resident in the UK must also submit its Company Tax Return online and attach accounts and computations in iXBRL format.
What is iXBRL?
XBRL is a computer readable XML-based format for financial data. It works by putting a tag on each piece of electronic data (text or numbers) within a document. Inline XBRL makes XBRL readable by people as well as machines. It also guarantees that the layout and presentation of information looks the same for both the author and the person receiving it, whether it is being viewed online or as a printout.
Outsourcing iXBRL – how we can help
Tagging financial statements is the processing of data by skilled people using software to match items in financial statements to a standard list of XBRL labels called ‘taxonomies’.
At Basra & Basra we use HMRC approved software to tag accounts into iXBRL format so they will be fully compliant with HMRC’s requirements. Each tagged document will be subject to a two stage quality review process by fully qualified Chartered Accountants who have had extensive iXBRL training.
By outsourcing the tagging of your documents to us there is no need for you to buy and implement new software and you can be confident that the whole process will be managed by us from beginning to end.
As experts in this field, we can provide complete piece of mind by submitting iXBRL accounts, tax computations and tax returns on your behalf.
In summary we promise:
- our service will be delivered in house by fully qualified Chartered Accountants;
- apply a rigorous quality review process;
- explain any necessary judgements used in the tagging process;
- avoid the need for you to purchase tagging software.
For further information and to discuss how we can assist you, please contact us.