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iXBRL Filing – Are you prepared for the change over?
“From 1 April 2011 for any accounting period ending after 31 March 2010, all Company Tax Returns must be filed online with accompanying financial statements and computations in iXBRL format.” – Source: HMRC
But what is iXBRL?
XBRL stands for “eXtensible Business Reporting Language”, which is a system by which ‘tags’ are added to your reports in order for computing software to analyse, process and communicate key data from your financial documentation. XBRL however is a language which is limited in the fact that such files are not viewable to you or I.
As a solution to this, HMRC has introduced iXBRL – “Inline eXtensible Business Reporting Language” – which allows the documents to be opened so people can see the original document whilst maintaining the tagging codes needed for the computer system to draw the data required.
So how does this affect your business?
Your Company Tax Return and accompanying financial documentation must now be filed online in iXBRL format, which may sound like an arduous shift in processes. But there are straight-forward ways in which this can be implemented for your organisation:
1) McLintocks have the ability to convert your usual Return and accompanying credentials documents to meet iXBRL compliance without the need for changes in procedure on your part.
2) New software is now available for you to use in conjunction with your current systems which will ensure iXBRL compliance. HMRC have a number of options for this, and to find out more about which software solution will fit your current system best, and the cost implications of the change over click here. In addition McLintocks can offer advice and training in using the software packages. Contact your advisor on 0845 680 7800 to find out more.
For more information about the new iXBRL filing system and how it will affect your Company Tax Return you can access the HMRC iXBRL guidelines, or speak to your McLintocks advisor on 0845 680 7800.
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