Are you ready for iXBRL?

Buzzacott is pleased to announce that we are now able to offer iXBRL tagging solutions for your financial statements.

From 1 April 2011 organisations which are required to submit a corporation tax return to HMRC must now submit iXBRL compliant financial statements and tax computations.

The impact of this is that organisations can no longer provide a ‘PDF’ or paper copy of the financial statements on submission with the tax return to HMRC. They are now required to submit an ‘HTML’ file (a file that opens in any web browser), which is tagged under iXBRL, online to HMRC.

Buzzacott's iXBRL team has the relevant software and training to convert accounts to an ‘HTML’ document and tag the items in the financial statements to meet the HMRC's minimum iXBRL tagging requirements, allowing for successful electronic filing of the tax return.

Buzzacott is now recognised by HMRC as an iXBRL Managed Tagging Provider. View HMRC's website.

For further information on iXBRL please see our Insight published last year or our iXBRL update published in February 2011. Alternatively please do not hesitate to contact your usual Buzzacott contact or email enquiries@buzzacott.co.uk.