WMT, working with you to help you through the changes…

What is iXBRL?

Quite simply it is a way of translating financial information into an electronic format. Each item in your accounts is given an individual tag or code that is displayed in a web page format (HTML), readable to both an individual and a computer. This will then be submitted to government agencies such as HMRC and Companies House and will be processed by central databases.

Will it affect me?

Yes, from 1 April 2011 all corporation tax returns for companies, clubs, societies and associations  will need to be filed online, with the computation and accounts attachments in the specified iXBRL data standard. HMRC will no longer accept PDF attachments or paper filings.

Why is it being made mandatory?

The government wants to find a way to collect a vast amount of business and financial data, but is unable to manually input and process it. iXBRL is the solution to this, as it is a standardised format that makes companies responsible for the input of their data. This allows the government to carry out statistical analysis, to identify unusual trends, and for company profiling. However, with over 5000 tags available to select from for some businesses, the process will require the use of specialist software and human intervention, particularly in the first year.

Please click on the following link to view full details of our iXBRL service offering.

For more information about our iXBRL service, please contact Adrian Le Roux on 01727 838 255.