UKSEF iXBRL Reporting

Since January 2021, it has been mandatory for companies with securities listed in UK-regulated markets to prepare and submit annual reports to the Financial Conduct Authority (FCA) in a digital format called Inline XBRL.

See how it works Book a demo

Format for Digital Reporting

Years of Mandate

0 +

Entities

0 M+

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.

The XBRL format facilitates modernized HMRC reporting by doing away with painstaking manual processes through automated processing of business information.

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.

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.

The large volume of data filed with the HMRC can be leveraged by stakeholders to study the latest trends for better decision-making.

IRIS Carbon for HMRC iXBRL Reporting

We provides UK companies top-notch iXBRL conversion services for HMRC compliance. We even offer iXBRL conversion for filings with the UK FCA.

Diverse Clientele: IRISCARBON 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.

We at IRIS CARBON 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.