iXBRL
From April 1, 2011, HM Revenue & Customs (HMRC) will require all company tax returns to be submitted online, using a set format known as eXtensible Business Reporting Language (iXBRL). This uses tags similar to barcodes which enable computer software to automatically read and process the information.
At Fiander Tovell, we are fully prepared for the changes. If you are an existing client, the normal procedures for accounts preparation will be followed through to the point of agreeing and signing the final accounts and the Corporation Tax computations. Following on from that process, there will be an additional task of ensuring that the correct taxonomy is applied to tagging the relevant data in both the statutory accounts and the corporation tax computations.
Every company and every set of accounts Corporation Tax computations is different. The electronic data will be used by HMRC to calculate the tax charge and to select companies for more detailed enquiry. It is very important to get this right first time. Each submission will be subject to a vigorous review process to ensure that the tagging and submissions are accurate.
Our service...
- Is delivered to you by our in-house team within a timetable agreed to suit you;
- Generates output you need and can readily review;
- Applies multiple levels of quality review;
- Explains the judgements made in selecting tags; and
- Is competitively priced, thanks to our efficient processes.
Outsourced services
In addition to the service we will be providing to existing Fiander Tovell clients, we are able to provide support to any corporate entities who wish to outsource their iXBRL filing compliance after their existing audit, accounting and tax services have been completed.
For further information on our iXBRL services, please contact us.
