The transition to iXBRL (inline eXtensible Business Reporting Language) technology has enabled HMRC (Her Majesty’s Revenue and Customs) to validate the contents of accounts and tax computation statements, a feature that was not possible with the previous PDF attachments.
This shift to iXBRL has introduced new validation messages that one might come across while filing the statements. The most common rejection messages from HMRC occur due to the following reasons:
Companies can run their .xml file through HMRC gateway after ensuring the above errors are corrected in their files.
The filer should also ensure:
DataTracks UK is a leading provider of XBRL services to Accounting Firms and Businesses. DataTracks (www.datatracks.co.uk) provides iXBRL Managed Tagging Services to help companies convert their financial statements and tax computations to iXBRL format for filing with HMRC. All DataTracks services are provided through an easy to use e-commerce portal. User can register, create entities, place orders, pay, upload files and download iXBRL output when ready. DataTracks developed its XBRL conversion software in-house, and was designed to support roll forward. As a result, clients are assured of consistency in tagging to their iXBRL documents and conforming to the latest taxonomy.
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