From November 1st, HMRC will reject accounts not tagged in iXBRL
iXBRL was first introduced for HMRC returns in 2009. Until now, some firms have been able to submit partially or ‘minimum’ tagged accounts which would still be accepted on the HMRC gateway. From November 1st 2017, HMRC will start rejecting accounts that are not fully tagged under the FRS 101/102 or EU IFRS guidance.
A few exceptions are in place for those under SI 2003/282, or firms with special exceptions granted directly by HMRC.
At Arkk Solutions, we apply on average over 200 more tags than our clients previously used on their returns. Since the FRS 101/102 taxonomies were first released, the Arkk Solutions team have not used minimum tags, always ensuring that the full taxonomy is applied.
The Belfast iXBRL tagging team have supported clients since HMRC first implemented the requirement. “Our development team updates and maintains our proprietary tagging software in London, and we are recognised by HMRC as an approved vendor,” says Head of iXBRL Operations Lucy Gordon. “We were among the first providers to support early adopters with the transfer to the new FRS requirements.”
Our team of taggers and reviewers provide high-quality, cost-effective iXBRL returns within 15 working days, with fast turnarounds available upon request.
Make sure you’re applying the full tags for the upcoming HMRC filing deadlines. Get in touch today for a quote for our tagging services.