Her Majesty's Revenue and Customs (HMRC), UK, requires all UK-based companies, including listed companies, SMEs and foreign subsidiaries operating in the UK, to file their Company Tax Returns (including annual accounts and computations) in iXBRL format with the tax authority. The requirements to file in iXBRL are effective for returns filed after April 1, 2011 for accounting periods ended on or after April 1, 2010. Companies House has also jointly announced with HMRC in September 2009 that it would adopt the same iXBRL format for online submission of accounts. This means that the statutory accounts that must be prepared for company shareholders and that are also sent to HMRC as part of the Company Tax Return will also be accepted by Companies House online. Although Companies House has not yet mandated iXBRL format for such filings, it is currently accepting them on a voluntary basis.
For better understanding, please refer the below mentioned various aspects related to iXBRL Filing:
What is XBRL?
All you need to know about – i.e. XBRL, iXBRL, Taxonomy, Tags, Instance Document, Validation etc…
Why XBRL is required?
iXBRL offers many benefits viz. Improved reporting, Automated data collection, Reliability & accuracy, Cost effective, Time saving, Better decision making…
Who need to file in XBRL?
All companies are required to file their Company Tax Returns (including annual accounts and computations) in iXBRL format with the tax authority...
What is required to be filed?
Full set of financial statements is required to be filed in iXBRL format with the HMRC and Companies House…
When you need to file?
All the Companies required to file their financial statements must file the financials after the end of its financial year…
How to prepare and/or file?
Preparing financial statements in iXBRL mode: The process for creation and filing of Financial Statements in iXBRL mode is as under…
What if there is delay or non-filing?
In case the Company makes delay in filing or fails to file the financial statements, late fees and penalty is applicable…
How we can serve?
XBRL Experts offers full service for all of your iXBRL filing needs. We provide compliance with the most current filing requirements…
What is our process?
It is a simple 4 step process to convert your financial statements to iXBRL format for filing with HMRC & Companies House…