iXBRL is here – are you ready?

Rouse Partners can help you make the change to filing your accounts and tax documents electronically

What is iXBRL?

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

Will iXBRL affect me?

From 1 April 2011 all corporation tax returns for companies, clubs, societies and associations 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 iXBRL tagging being made mandatory?

Like any business collecting information on its customers, the government wants to find a way to collect a vast amount of business and financial data, but it lacks the resources required to manually input and process it. The solution was to develop a standardised format (iXBRL) and to make companies responsible for the input of their data. This will allow 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.

How we can help

Many businesses are finding that the cost of converting their accounts to iXBRL format is staggering using their current tax advisers or inhouse accounts team, especially if their accounts are produced in Word or Excel format. In response to this we have created a dedicated in-house iXBRL team and chosen a reputable software supplier to work with so that we can offer businesses a more cost effective alternative. Our team has been highly trained to correctly tag all accounts, irrespective of the complexity of disclosures.

Key reasons to choose our iXBRL service

• Delivered by a fully in-house iXBRL team
• Fully reviewed by our iXBRL Senior Manager
• Timely turnaround and end report provided to you
• No need to buy new software or train your staff
• Advice on longer term iXBRL compliance
• Excellent value for money and highly competitive pricing

For more information and a quote please contact us on our free iXBRL Helpline, 01494 731800 or email ixbrl@rousepartners.co.uk

How our iXBRL service works