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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

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

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

Accountex 2016: iXBRL compliance reporting in 3 easy steps with DataTracks
  •   11 May, 2016  Posted By Getsy Jenita   Posted in ixbrl
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DataTracks offer a fully assisted outsourced service for iXBRL conversion of financial statements. With more than 35,000 iXBRL statements prepared, our solution is sought after for its easy and user-friendly interface, quick turnaround time, customized packages to suit organizational needs, … Continue reading

Investment property & FRS 102

ACCOUNTING FOR FRS102 Some of the most practical issues surrounding FRS 102 are those concerning investment properties and the significantly different accounting treatments under FRS 102 and SSAP 19. The definition of investment property under FRS 102 is set out … Continue reading

New FRS Taxonomies Call Time On Minimum Tagging

Where we have come from: 2011 – 2014 Since the introduction of HM Revenue & Customs computer-readable ‘Extensible Business Reporting Language’ or iXBRL mandate in April 2011, minimum tagging has been the subject of considerable concern and debate. Minimum tagging … Continue reading

DataTracks Customer Satisfaction Survey: Delivering business benefits for our clients

DataTracks latest customer satisfaction survey demonstrates high level of customer satisfaction and tangible business benefits delivered seamlessly to its clients. The survey was designed to judge 5 parameters, namely Timeliness of Output Response Time to complaints Complaint Resolution Process Value … Continue reading

The Key Differences between UK GAAP and FRS 102

The FRS 102, published recently by the Financial Reporting Council (FRC) is a replacement of the UK GAAP system that is used by enterprises in the UK and Ireland for filing their annual statements to the revenue bodies and regulatory … Continue reading

The new UK GAAP presents challenges in preparing iXBRL

The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. In 2012 and 2013 the FRC revised financial reporting standards in the UK and Republic of Ireland. The … Continue reading