iXBRL TAGGING SERVICES
Hayhursts iXBRL Tagging Service
Corporation Tax clients must file their Company Tax returns online with accounts and computations in iXBRL format, and we can use the latest software available to ensure your accounts are tagged correctly and efficiently.
Even if you’ve already prepared your statutory accounts yourself, we can offer a standalone iXBRL conversion service.
Frequently Asked Questions:
What does iXBRL mean?
Inline eXtensible Business Reporting Language (iXBRL) introduces both human and computer-readable tags as the standard format for all companies’ financial statements tagged in XBRL.
What is iXBRL tagging?
The tagging process is a variant of the eXtensible Business Reporting Language that is embedded within an “inline” HTML file so that the tagged accounts can be viewed in a web browser, while the XBRL data can be retrieved by HMRC or other computer systems.
What is the difference between XBRL and iXBRL?
eXtensible Business Reporting Language (XBRL) is the worldwide standard for tagging business data for computers to process, meaning XBRL can be interpreted only by machines. iXBRL, or Inline XBRL, on the other hand, is an open standard that enables a single document to provide both human-readable and structured, machine-readable data.
So XBRL is all about function, while iXBRL takes that function and puts it in a format that is more “accessible” and visually appealing for the user. It also means that you can incorporate your XBRL tags into your HTML-formatted financial statements instead of filing a separate XBRL instance document.
Who needs to file iXBRL accounts?
Corporation Tax customers will have to file their Company Tax Returns online, with accounts and computations in iXBRL format. You would need to attach those accounts to your Company Tax Return (CT600), along with your tax computations (also in iXBRL format) to complete your Company Tax Return.
What are the benefits of iXBRL tagging?
iXBRL is readable for both humans and machines. The basic idea of developing iXBRL is to allow preparers to retain the original view or formatting of the source document, while creating an XBRL document. The XHTML representation of the information is what aids the document to be human readable. With iXBRL, filers need no longer work on two separate formats-XBRL and HTML. What’s more, because of iXBRL’s inherent human-readability, users might take notice of and comprehend the data in their documents and actually use it for investor relations and analysis
Why do corporate businesses need to file tax returns in iXBRL format?
Legislation, which came into force on 1 January 2010, means that it is compulsory for companies to send their Company Tax Returns online using iXBRL for accounts and computations. In fact, since 1 November 2017, HMRC has rejected company tax returns with accounts or tax computations that are not in iXBRL format, again subject to minimal exceptions. This means that companies should make it a priority to ensure that all relevant aspects of a company’s tax return are tagged correctly prior to filing with HMRC.
This means that companies should make it a priority to ensure that all relevant aspects of a company’s tax return are tagged correctly prior to filing with HMRC.
How can Hayhursts help with iXBRL tagging?
If you’ve been putting off filing your company tax return, or just simply don’t have the time or knowhow to do it yourself, your business would definitely benefit from outsourcing your iXBRL tagging. ‘Outsourcing’ means you arrange for a specialist provider to tag your company’s final accounts and then return them to you in iXBRL format.
Here at Hayhursts, we use the latest software available to ensure your accounts are tagged correctly and efficiently, meeting all the HMRC and Companies House compliances. Even if you’ve already prepared your statutory accounts yourself, we can offer a standalone iXBRL conversion service.
How much does iXBRL tagging cost?
As well as providing this service for our existing clients, Hayhursts can offer a standalone iXBRL Tagging service on an ad-hoc basis for a competitive one-off cost. Why not give us a call or email us for a non-obligation consultation?
Why not give us a call or email us for a friendly, non-obligation consultation?
Benefits of using Hayhursts Accountants for your iXBRL Tagging:
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