Her Majesty’s Revenue and Customs (HMRC) is the first UK regulator to adopt Inline XBRL as the format in which companies must file accounts and tax computations as part of Company Tax Returns. Find out what the HMRC iXBRL mandate is all about and the activities involved in compliance. Also know why Fin-X Solutions® is your best bet for high-quality and flexible HMRC iXBRL reporting.
The Timelines
The HMRC iXBRL Mandate applies to tax returns due on or after April 1, 2011. UK companies must file Annual Accounts with the Companies House nine months after their financial year ends. They must file Company Tax Returns 12 months after their Corporation Tax accounting period ends.
Who Needs to Comply?
HMRC iXBRL requirements apply to UK businesses of all sizes, including non-resident companies. Unincorporated charities, clubs, and societies also come under the mandate’s purview. These latter entities are eligible to use the free Company Accounts and Tax Online (CATO) service for iXBRL tagging.
The Requirements
Companies must file a Company Tax Return on receiving a notice from the HMRC. Their accounts and tax computations need to be in iXBRL format. Unincorporated charities, clubs, and societies may file company accounts in PDF format. However, their tax computations need to be in iXBRL.
The Mandate
Some Salient Points
The HMRC adopted iXBRL to collect tax and accounting data because the format improves information processing and analysis. iXBRL is a machine-readable format that makes it easier for computers and software to understand and deal with information.
1 Format for Digital Reporting
4600+ Filers in th EU and the UK
2 Taxonomy Options in the UK
COMPLIANCE WITH HMRC’S iXBRL MANDATE - WHAT IT INVOLVES
To comply with the HMRC iXBRL mandate, UK companies must ensure their accounts and tax computations are tagged in iXBRL. Tagging involves placing machine-readable labels against individual disclosures. The labels must be picked from a dictionary of digital concepts called the taxonomy.
For tax computations, companies need to choose iXBRL tags from the Corporation Tax Computational Taxonomy. For accounts, they need to use the FRC Taxonomy or FRC SECR Taxonomy. The FRC DPL Taxonomy applies to detailed profit and loss statements. Among non-UK taxonomies, HMRC only accepts the US GAAP Taxonomy. Companies must be careful to choose the most appropriate version of any taxonomy.
While most UK companies prefer iXBRL tagging services such as those provided by Fin-X Solutions®, they may also use software to carry out the tagging in-house. Fin-X Solutions® provides high-quality SaaS software for in-house iXBRL tagging.
COMPLIANCE WITH HMRC’S iXBRL MANDATE - WHAT IT INVOLVES
To comply with the HMRC iXBRL mandate, UK companies must ensure their accounts and tax computations are tagged in iXBRL. Tagging involves placing machine-readable labels against individual disclosures. The labels must be picked from a dictionary of digital concepts called the taxonomy.
For tax computations, companies need to choose iXBRL tags from the Corporation Tax Computational Taxonomy. For accounts, they need to use the FRC Taxonomy or FRC SECR Taxonomy. The FRC DPL Taxonomy applies to detailed profit and loss statements. Among non-UK taxonomies, HMRC only accepts the US GAAP Taxonomy. Companies must be careful to choose the most appropriate version of any taxonomy.
While most UK companies prefer iXBRL tagging services such as those provided by Fin-X Solutions®, they may also use software to carry out the tagging in-house. Fin-X Solutions® provides high-quality SaaS software for in-house iXBRL tagging.
How We Support Organizations in the UK with HMRC iXBRL Reporting?
Outsource Your Reporting
Let our experts handle your iXBRL compliance. Our highly-experienced professionals can produce high-quality digital reports well in time for your filing with the HMRC.
Our Compliance Product
Fin-X Solutions®’ SaaS product gives you complete control over your iXBRL filing. You can also use our Disclosure Management module for other report creation purposes.
Choose Our Hybrid Offering
Our hybrid offering provides the best of our software and expert support. Choose this option to have your team trained to handle compliance tasks themselves.
Why Fin-X Solutions®?
Find out why Fin-X Solutions® is your best bet for high-quality and timely iXBRL reports. Know why we are so sought after.
High-quality iXBRL Reporting
Fin-X Solutions® is known for quality iXBRL reporting that enhances data analysis. We’re always ranked #1 in data quality assessments.
Unlimited Support on Filings
We offer unlimited support on iXBRL filings. Our experts are available 24*7 to ensure your filings are out in perfect time. Contact us anytime.
Highly Experienced Team
Our professionals have over 17 years of experience and 1.5 million iXBRL filings behind them. Trust them to handle your reporting end-to-end.
Quick Turnaround Time
Speed is of the essence when it comes to compliance. Our experts know this all too well. We will ensure you never miss your filing deadline.
I’m impressed by the work you delivered on our 2019 iXBRL. A very positive experience on the training – both in terms of your knowledge of the content, as well as your availability and flexibility! Whenever I raised a question, you responded always quickly and accurately.
Kirsten Cobbaert
IRIS CARBON® is extremely user-friendly and makes it very easy to conduct a review of the ESEF tags. I was impressed with the detailed training sessions that had a practical focus and will help with the iXBRL review process in the future. Customer support is delivered in a very committed manner. I would highly recommend an IRIS CARBON® experience.
Sabine Chambon
I wish to express my gratitude to the IRIS team for their engagement and professionalism in supporting Eni with the ESEF mandate.
Roberto Nardi
IRIS CARBON® stood out from the other iXBRL conversion software products I have seen. The platform is easy to follow and use. The review functions are simple, allowing quick and easy checking of iXBRL tagging, ESEF taxonomy, and Company taxonomy as well.
Riku Järvelä
We chose IRIS CARBON® since we wanted an outsourcing option for publishing iXBRL in English, French, and Dutch.
Guy Provoost
We selected IRIS CARBON® for our ESEF iXBRL conversion, since IRIS is a global firm with deep experience in XBRL/iXBRL, great quality of filings, service delivery, and importantly, offers their service and solution at a very attractive price.
Johan Segers
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