email@example.com | 123 XBRL, Correen, Carrick-on-Shannon, Co. Leitrim, Ireland | 0208 123 1890
The two terms iXBRL and XBRL are used interchangeably, although iXBRL is probably more technically correct to use when referring to implementation for HMRC purposes.
XBRL is an acronym for eXtensible Business Reporting Language. It's a standard for reporting financial data using 'tags' that computers can readily understand and gives the information a definitive structure and unambiguous meaning. iXBRL is Inline XBRL and is a way of presenting a more humand readable version of the computer-readable tags.
HM Revenue & Customs require that all corporation tax computations for periods to 31 March 2010 or later to be filed online in iXBRL format. For smaller companies, HMRC CT600 software has an iXBRL generator built in, however it does not cover every possible scenario that may arise in a company’s Annual Accounts and this is where Managed Service XBRL Tagging providers like ourselves come in.
HMRC have defined a ‘directory’ of items to be tagged using iXBRL. Our managed tagging solution is designed to meet the full standards set out in the UK taxonomy for accounts prepared under UK GAAP. If we require clarification on a particular item for tagging that we are unsure of, we will contact you.
No, we only provide the iXBRL files for your Accounts and Tax Computations. You will need to attach them to your CT600 submission before you upload it to HMRC.
All files submitted to us are prepared in Ireland. We have experience and an accounting practice Client base in both the UK and Ireland, so you can be sure that we are technically competent to deal with your business.
We accept documents files from Excel, Word or PDF, whether generated by PC or Mac. Please contact us if you have a different format before purchasing our service – we will let you know if it can be accommodated before you commit to buy.