iXBRL is a new format for submitting corporation tax online, including tax computations and accounts to HMRC.
HMRC officially stated that 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).
So this means that each document within your company accounts and tax computations now needs to be “tagged” with an XBRL tag, and submitted with your company tax return.
As this is a new way of submitting, HMRC have given a 2 year “soft landing” approach, where you only need to tag from a list of around 1500 elements, called the minimum tagging list.
However, in 2013 when HMRC mandate the “full tagging” of accounts, you will have to choose correctly from the full list of over 5000 tags for UK GAAP companies.
What iXBRL options are available?
Here at Arkk Solutions, we are HMRC recognised iXBRL Managed Tagging Service providers and iXBRL Conversion Software Application providers.
We offer iXBRL OutSource Tagging at Arkk Solutions, which involves outsourcing your financial statements to our experienced team. This is a popular choice during the HMRC’s “soft landing”, particularly for companies that do not wish to purchase specialist software or find additional resource to carry out the task internally during the lead up to 2013.
The iXBRL OutSource Tagging service allows you to submit your non iXBRL accounts or computation documents to us in Word or Excel. We will convert them into iXBRL for you, and review them before returning them to you as iXBRL tagged documents ready for submission. Watch our video, explaining our cost-effective iXBRL Outsource Tagging service here.
We also offer our iXBRL adapter for Microsoft Office, which is a conversion software application. If your company prepare and present their company tax documents in Microsoft Word or Microsoft Office, then there is no need to change your processes. At Arkk Solutions, we offer a simple “add in” adapter which can be installed straight onto a desktop machine. The adapter then allows you to apply an appropriate XBRL tag to each data item. You will then be provided with an iXBRL version of your accounts that can be incorporated into a company tax return for submission. You can watch a demo of our iXBRL adapter for Microsoft Office here.
Our services are straightforward and easy to use, and we offer experienced customer support, to ensure you are comfortable with how you use our iXBRL tools.
Undecided on whether to outsource iXBRL tagging, or to prepare them yourself?
Some businesses may be averse to outsourcing iXBRL, as they might want their accounts teams to practice preparing before the HMRC mandate in 2013. However, this means training for them team, finding the right resource and the worry of not preparing the account files correctly.
Arkk Solutions offer an iXBRL Blended Solution which means you can outsource your iXBRL to us in the first year. We will provide you with all of the files once they are tagged so that you can keep the templates, and regain control the following year by bringing iXBRL tagging back in-house. This means you can re-use your Year 1 files for future years, a service which no other company provides. This provides a solid return on investment for your business, as instead of starting from scratch the following year, your accounts team will have a good grasp on the format HMRC require. Find out more about the iXBRL Blended Solutions here.
If you have any questions about our services and software, please do not hesitate to contact us on 0207 0601983 or through our online form.
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