You may have read or heard about iXBRL?

iXBRL stands for Inline eXtensible Business Reporting Language and it is relevant to you if your business or organisation needs to file a corporation tax return.

From 1 April 2011, all corporation tax returns need to be filed online in the new iXBRL electronic format. iXBRL is an electronic tagging system that allows corporation tax returns to be read electronically and for HMRC to collect and analyse the numbers submitted automatically.

Companies must also file their annual accounts in iXBRL format. HMRC has produced taxonomies, which are dictionaries or reference lists that set out the available tags to be used in a set of financial statements when companies file electronically, currently there are 5292 tags and 1362 additional tags exist for companies preparing their accounts under International Financial Reporting Standards and for charities, which will fall into the regime if they are incorporated and asked to file a corporation tax return.

The idea is that in the longer term companies will be able to file a single set of accounts in iXBRL format which will be used by both HMRC and Companies House.

Rodliffe has invested in systems in the past that means we are ready for this change and you needn’t worry about iXBRL.