For accountants, admitting you don't know enough about iXBRL is like admitting you didn't like Citizen Kane. We all know we should, but the quiet majority don't. Movie geeks will rhapsodise for hours on the merits of Orson Wells' classic, while the rest of us know that watching it is like spending three hours watching paint dry. Similarly, we all know we should be fluent in iXBRL by now, and yet countless inquiries to the Arkk Solutions hotline suggest that many of us are still not sure what to do when it comes to submitting. So for those of you reluctant to raise your hand, this is everything you need to know, but were afraid to ask.
Do I need to bother with iXBRL?
Only if you return a CT600.
I do return a CT600, so what now?
You need 3 things: your accounts in iXBRL, your tax comp in iXBRL, and your CT600 in XBRL.
And the 'i' in iXBRL is?
It means it can be read by a person as well as a computer.
So how do I convert my accounts into iXBRL?
Get some conversion software like the Arkk MS Adapter, use an outsourcing solution like the Arkk Solutions Managed Service, or completely overhaul your accounts production process with an integrated solution.
And what about my tax comp?
The Arkk Adapter for Excel can convert tax comps into iXBRL, or you can get someone like Arkk to do this for you, but it's worth checking if your current tax programme produces iXBRL already.
So I have my accounts and tax comp in iXBRL. What now?
Submit your iXBRL files through either HMRC submission website, or your own tax programme.
