More Tips for successful iXBRL filing with HMRC

As we enter the peak season of iXBRL filing in the United Kingdom, there is a buzz of activity in the market around companies, accounting firms along with iXBRL software and service providers.

While a good number of accounting firms have already chosen an iXBRL solution, many companies have yet to decide on how to get the iXBRL statements.

We have already observed a surge in our business volume because most companies have preferred to go with our self-service portal (www.datatracks.co.uk) where users can sign up, upload documents and place orders for conversion.

We have successfully converted more than 3,000 statements till date for filing with HMRC. Based on our experience so far, here are a few tips on how to avoid errors while filing your iXBRL accounts and tax computations with the HMRC.

Tips for iXBRL filing with HMRC in the UK

1. When you provide inputs, ensure that the Company number in the documents you send us is identical to that in your tax software.

2. When you receive our iXBRL output package as a zipped folder, do not open individual files directly from the zipped folder. Save the zipped folder into your hard directory and extract each output file (iXBRL instance document, Microsoft Word document and Microsoft Excel document).

3. When you file your CT600 return,

a. Make sure that the following data are “identical” in your CT 600 return, in your financial statements and in your tax computations:
i. Company number
ii. Start date and end date of the period of tax return

b. Make sure all mandatory information is duly filled in:
i. Company number (Not applicable for a few entity types)
ii. Date of Directors’ report
iii. Date of Auditor’s report
iv. Date of approval of accounts
v. Name of Director signing the Directors’ report and approving the accounts

c. Make sure you attach each file in the designated file before you submit your return.

You can use our “fully managed services” (where we prepare the iXBRL document for you after receiving your inputs) by doing four simple steps:

1. Register as a user in www.datatracks.co.uk
2. Setup entities
3. Upload financial statements of each entity and pay
4. Download the output, once the files are ready.

To find more about DataTracks, visit www.datatracks.co.uk or send an email to enquiry@datatracks.co.uk.

The views expressed are that of the author’s and DataTracks is not responsible for the contents or the views expressed therein. If any part of this blog is incorrect, inappropriate or violates the IP rights of any person, please alert us at ceo@datatracks.co.uk.We would take immediate action to correct any violation.