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Impact of changes in financial reporting for small and micro entities accounting standards

20 Jul, 2017  Posted By Charles A   Posted in HMRC, iXBRL filing, XBRL
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The FRC (Financial Reporting Council) promotes high-quality corporate governance and set the standards for accounting, auditing, and actuarial work in the UK. The quality of corporate reporting and auditing are regularly monitored by FRC. Recently, FRC published a number of … Continue reading

 

HMRC postpones Making Tax Digital project by another year

17 Jul, 2017  Posted By Charles A   Posted in MTD, XBRL
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Making Tax Digital (MTD) for Businesses project is HMRC’s ambitious project to make the tax system advanced and efficient. After much consideration about the rate and scale of changes, the government has recently postponed the Making Tax Digital scheme to … Continue reading

 

ESMA Initiates Inline XBRL Testing

26 Jun, 2017  Posted By Balaji   Posted in ESMA, XBRL
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Issuers listed on stock markets in the EU are governed by the European Transparency Directive. This directive requires such listed companies to prepare and submit financial reports in a European Single Electronic Format (ESEF). European Securities and Markets Authority (ESMA) … Continue reading

 

Making Tax Digital reporting system beta test to begin in April, 2017 – HMRC

14 Mar, 2017  Posted By Balaji   Posted in HMRC, iXBRL filing, Making Tax Digital, MTD
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HM Revenue and Customs (HMRC) has confirmed plans to beta test its Making Tax Digital (MTD) reporting system in April, with up to 100 testers due to be selected for an initial pilot ahead of a more significant trial in … Continue reading

 

Digital Revolution in Compliance Reporting

16 Feb, 2017  Posted By Charles A   Posted in Compliance Reporting
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Computers revolutionised the world of information decades ago. ‘Interactivity’, however has been a more recent phenomenon. Hitherto, data collection by Regulators has always been in ‘non-interactive’ formats like PDF, Word, etc. This scenario is changing as we go to press. … Continue reading

 

HMRC reveals responses towards Making Tax Digital for Business (MTDfB) project

16 Feb, 2017  Posted By Charles A   Posted in HMRC, ixbrl, iXBRL filing
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A step to modernize the tax system was taken when the HMRC identified a tax gap of close of 8 billion between tax receivable and actual tax collected, owing to taxpayer errors. The roadmap to achieving this is the Making … Continue reading

 

Your smarter choice for iXBRL preparation

20 Jan, 2017  Posted By Balaji   Posted in HMRC, ixbrl, iXBRL filing, XBRL
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All corporate tax payers in the UK need to file their CT600 form with HMRC including the Accounts, in iXBRL format. There are several ways corporations can fulfill this requirement including, in-house, getting it done through the Accountants/Tax Advisors, or … Continue reading

 

Have you filed your Confirmation Statement?

22 Sep, 2016  Posted By Balaji   Posted in HMRC
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Companies House and HMRC are having a busy year implementing several changes. HMRC notified tax payers about withdrawing its free CT600 and restricting access of their new online filing system CATO to unrepresented companies. HMRC also notified that support for … Continue reading

 

Will Revenue of Ireland extend your iXBRL filing deadline?

20 Jul, 2016  Posted By Getsy Jenita   Posted in ixbrl
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Companies registered for Corporation Tax must file the CT1 Corporation Tax return form on an annual basis.  Companies are also required to file their financial statements in iXBRL format through Revenue’s Online Services (ROS). The CT1 form and any balance … Continue reading

 

Importance of XBRL Implementation

20 Jul, 2016  Posted By Pramodh Vittal   Posted in XBRL

XBRL (eXtensible Business Reporting Language), as we all know it, is a globally accepted standard for exchanging business information. From the Regulator’s perspective, it is an interactive data format as against  the merely readable formats like HTML, PDF etc., that … Continue reading