HMRC iXBRL Mandate
The UK’s tax regulator, Her Majesty Revenues and Customs (HMRC), has since 2011 been requiring businesses to submit their financial statements in iXBRL format as part of their Corporation Tax return submission. Fin-X Solutions* has been helping companies with high-quality iXBRL conversion.
(*DISCLAIMER: Fin-X Solutions is the UK trade name of IRIS Business Services, the parent company of IRIS CARBON®. We have no association whatsoever with the UK’s IRIS Software Group.)
(*DISCLAIMER: Fin-X Solutions is the UK trade name of IRIS Business Services, the parent company of IRIS CARBON®. We have no association whatsoever with the UK’s IRIS Software Group.)
HMRC iXBRL Mandate
A Closer Look
According to legislation that came into force on January 1, 2010, companies in the UK need to submit tax returns electronically, and no longer in PDF format. The new mandate has been applicable for returns due on or after April 1, 2011, for accounting periods ending after March 31, 2010.
Company accounts and tax computations are to be submitted in the iXBRL format. Entities such as unincorporated charities, clubs, and societies have the option of submitting company accounts either in iXBRL or PDF. Tax computations, however, are to be in iXBRL.
Companies are also required to make Corporation Tax and other related payments digitally from April 1, 2011. Related payments include interest charged on overdue Corporation Tax and penalties for not filing Company Tax Returns on time.
Modernized Reporting
The XBRL format facilitates modernized HMRC reporting by doing away with painstaking manual processes through automated processing of business information.
Easier Analysis
As a machine-readable format, XBRL helps computers deal with data intelligently. XBRL data can be stored, exchanged, and presented efficiently to facilitate analysis and interpretation.
High-quality Data
The iXBRL format makes data production and processing faster while reducing errors with the help of validation checks. The result is a high-quality data value chain.
Towards Analytics
The large volume of data filed with the HMRC can be leveraged by stakeholders to study the latest trends for better decision-making.
Companies may use commercially available accounts production or tax preparation software for filing digital reports with the HMRC and Companies House. However, companies may have to do some manual XBRL tagging initially to complement the automatic tags applied by the software.
The UK HMRC and Companies House have made available a free service for small, unrepresented companies to file corporation tax online. The service makes available formatted accounts and computation templates that convert data into the iXBRL format. Not all companies are eligible for the free service.
Single
Format
10+ Years of Mandate
2+ Million
Entities
Fin-X Solutions for HMRC iXBRL Reporting
Fin-X Solutions provides UK companies top-notch iXBRL conversion services for HMRC compliance. We even offer iXBRL conversion for filings with the UK FCA.
Why Fin-X Solutions ?
Diverse Clientele
Fin-X Solutions has been the preferred XBRL conversion and tagging services provider for leading organizations in the United Kingdom since 2010.Vast Experience
We have a team of more than 350+ XBRL professionals with over 17 years of experience in the XBRL space helping global organizations.Best in Quality
We consistently rank #1 for quality XBRL output in assessments by independent third-party organizations.Data Security
Our SOC 2, ISAE 3000 & 3402 certifications underline an organizational dedication toward data security.What Our Clients Say
What I liked the most about IRIS CARBON training is that it was completely tailored to our company’s needs. It was a very practical approach to train us using our own annual report. The trainer did a good job, and we now know how to work on the platform. The option to put two different screens with explanations next to each other is very handy. The IRIS product is well suited for ESEF compliance requirements.
Thanks to the whole team of IRIS CARBON! The platform is easy to handle and the workshop was very well organized. The commenting function and XBRL review features are very helpful. Very good/fast support for answering all queries through the platform itself. I would gladly recommend IRIS CARBON.
I’m impressed by the work you delivered on our 2019 iXBRL report with IRIS CARBON. 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.
I would love to recommend IRIS CARBON® for ESEF compliance, after having worked real-time on the platform and understood how the solution is structured, how it works, and how reviewing and approval of XBRL tags is carried out. Thanks a lot, team IRIS CARBON®!
Keep up the good work, team IRIS CARBON®. We are fully satisfied with your assistance with our ESEF tagging, along with your unlimited support in every step. The IRIS CARBON® platform is easy to use and it functions efficiently. It makes the last-minute reviewing of the ESEF document a convenient process. I would highly recommend IRIS CARBON® for ESEF reporting.
If you are looking for collaborative software that promises supreme-quality reports within the fastest turnaround time, then IRIS CARBON® is the product I would strongly suggest.
Unparalleled XBRL Expertise at your Service
We at Fin-X Solutions have been at the forefront of efforts to develop the XBRL standard. Our work in XBRL reporting spans 17+ years and we have collaborated with over 30 global regulators, helping some of them develop XBRL taxonomies.
Apart from filings with the HMRC, we also facilitate UKSEF and ESEF reporting in the UK and the EU. In the US, we facilitate iXBRL filings with the SEC and XBRL filings with the energy regulator FERC. We also handle CIPC iXBRL filings for South African clients.
- Outsourcing & In-house Compliance
- Unlimited XBRL Expert Support
- Scalable Solution for Newer Filing Needs
- Relentless Innovation for High-quality Filings
Our Stellar Success
Our Stellar Success
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