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

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

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

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

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

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

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?

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

Impact of New FRS for HMRC Filing

While iXBRL conversions of financial statements and tax computations are now routine activities for corporation tax payers in UK, new challenges await filers in the latter half of this year. Ever since the Financial Reporting Council (FRC) came up with … Continue reading

Making Tax Digital
  •   28 Jun, 2016  Posted By Stephen Parnham   Posted in HMRC, Tax
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Despite assurances that the digitisation of tax reporting is going to be straightforward and simple it is likely that the process will prove time consuming, costly, worrying and turn out to be a burden on many for little, if any, … Continue reading

HMRC’s Termination of UK GAAP and UK IFRS Taxonomies and Adoption of New Ones
  •   17 Jun, 2016  Posted By Getsy Jenita   Posted in HMRC
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HMRC has mandated Financial Statements attached to CT600 in iXBRL format since 2011. Since then, they have accepted UK GAAP and UK IFRS as the two accounting standards and appropriate taxonomies have been accordingly accepted. With the introduction of  the … Continue reading

Companies house releases technical specification for electronic filing service

The United Kingdom is one of the countries that has chosen an interactive data (XBRL/iXBRL) platform for collection of company data. Companies House, which is the corporate regulator in the UK, was planning for mandatory XBRL collection of Annual Reports … Continue reading

iXBRL Submission Rejections by HMRC – A Study

This article will help you in understanding the Do’s and Don’ts during iXBRL submission with HMRC. Observing the nature of the queries we have received from our customers, we have listed down a few common scenarios and the solutions that … Continue reading