Blog





iXBRL accounting; Managed or Automated? We have the answer!

Are you a first time tax filer? As a new business owner and an employer, running a burgeoning business definitely does mean a lot not only to you but also to the UK government and the Tax Regulator. If HMRC … Continue reading

A guide to registering a Non-resident company for Corporation Tax in the UK

    Do you operate your company in the United Kingdom but the control and management don’t reside there? Then you must be in quite a quandary about your tax situation! Registering for Corporation Tax in Britain has its share … Continue reading

MTD for VAT: An Overview – Part 2

Getting started with MTD Keeping accurate records is an integral part of a business. Poorly organized records could be penalized by HMRC. It is important to digitize the mountain of paperwork, containing all your business transactions, from the commencement of … Continue reading

Its March; Tax return not yet filed with HMRC? Know the penalties.

HMRC Corporation Tax Penalties – Circumstances & charges?  If your company is registered in the UK under Companies House and received ‘notice to deliver a Company Tax Return’ from HM Revenue and Customs (HMRC), it is mandatory to file your … Continue reading

Filing Your CT600 – An Overview

If your business is set up as a company in the United Kingdom then you will more than likely have to file a corporation tax return – known as a CT600 – to HMRC. What is a CT600? Very simply, … Continue reading

How Does iXBRL Affect My Business’ Accounts Preparation and Reporting Process?

From 1 January 2010, legislation has been in place in the U.K. that requires companies to file their accounts and computations with HMRC in Inline XBRL (iXBRL) format in respect of returns submitted on or after 1 April 2011. There … Continue reading

The Importance of Finding the Right Managed Tagging Service Provider

Since April 2011, legislation has been in place in the UK that requires the vast majority of companies to submit their corporation tax returns and accompanying financial statements in iXBRL format to HMRC. As a result, companies – especially large … Continue reading

Proposed Update to the IFRS Taxonomy 2018 Released by the IFRS Foundation

On September 20 2018, the IFRS Foundation published Proposed IFRS Taxonomy 2018 Update PTU/2018/1 relating to Common Practice (IFRS 13 Fair Value Measurement), which is now open to the public for consultation. According to the IFRS Foundation, the proposed amendment includes … Continue reading

Who Could Use CATO to File Their Returns with HMRC?

In the ideal world, it wouldn’t cost businesses any money to file their annual tax returns and accounts with HMRC and Companies House, respectively. Luckily, for some companies, this dream is a reality thanks to the Company Accounts and Tax … Continue reading

XBRL awareness required: Does your company need to file AFS in iXBRL with CIPC?

From 1 July 2018, CIPC (Companies and Intellectual Property Commission) mandated that all qualifying entities in South Africa must submit their Annual Financial Statements (AFS) in iXBRL with their annual returns. Yet, many companies are still unaware of the mandate. … Continue reading

Missed your Corporation Tax filing deadline with HMRC? You can still avoid late filing penalties

Have you been issued a penalty notice from HMRC for not filing your corporate tax returns? Worry not. You may still be exempt from late filing penalties if you are victim to a valid, excusable reason. In the UK, companies … Continue reading

The European Single Electronic Format (ESEF) – What You Should Know
  •   18 Sep, 2018  Posted By Karthik Sathuragiri   Posted in XBRL
  • Tags: , ,

From 1 January 2020, issuers with listed securities in EU regulated markets will be required to prepare annual financial reports (AFRs) in line with the European Single Electronic Format (ESEF). These changes will impact thousands of companies across the EU … Continue reading

The United States and Data Standardization – The Long Road Ahead

Data standardization has often been trumped as the gold standard for financial reporting – and justifiably so. Not only can it help ensure greater transparency and comparability between the financial performance and position of companies or local government bodies, but … Continue reading

Revised Conceptual Framework Released by IASB

At the end of March 2018, the International Accounting Standards Board (IASB or Board) published its revised Conceptual Framework for Financial Reporting (Conceptual Framework). This new Conceptual Framework replaces its predecessor, which was issued back in 2010. Who uses the … Continue reading

The growing importance of data analytics for the SEC

On 25 June 2018, the U.S. Securities and Exchange Commission (SEC) published its draft strategic plan for fiscal years 2018 – 2022. Although comments for the draft closed on 25 July 2018, the draft provides ample insight into the SEC’s … Continue reading

Financial Reporting Council (FRC) updates iXBRL taxonomies, effective on or after 1 January 2019

The Financial Reporting Council (FRC) has made updates to iXBRL taxonomies that will take effect on or after 1 January 2019. Keeping with the recent amendments, FRC has also said that early adoption will be accepted only if both the … Continue reading

XBRL – a standard for now and the future of compliance reporting in the US
  •   03 Aug, 2018  Posted By Guru Raj Singh   Posted in XBRL
  • Tags: ,

XBRL has been around for a few years now. At the time of its introduction, much attention was given to the possibilities that XBRL reporting could offer – digitization, increased comparability and reliability to name a few. However, it’s equally … Continue reading

XBRL around the world
  •   31 Jul, 2018  Posted By Karthik Sathuragiri   Posted in XBRL
  • Tags: ,

While there has been increased focus on XBRL within the United States over recent months, in part due to the SEC’s recent announcement that iXBRL will be used by operating companies and mutual funds going forward, it’s also worth taking … Continue reading

What Public Interest Score means for you if you’re a company under the CIPC regime

Thе CIPC (Cоmраnіеѕ аnd Intellectual Prореrtу Cоmmіѕѕіоn) of South Africa has еmbrасеd thе uѕе оf XBRL, the international data standard for financial information, whеn it requires companies to submit their Annuаl Fіnаnсіаl Stаtеmеntѕ (AFS). Being an electronic format, XBRL (eXtensible … Continue reading

Digital Financial Reporting Transparency in South Africa

Thе Companies and Intellectual Property Commission (CIPC) hаѕ mаndаtеd submission оf Annuаl Financial Stаtеmеntѕ (AFS) in the iXBRL format fоr аll qualifying еntіtіеѕ frоm 1 Julу 2018. Thіѕ article аіmѕ tо explain the concepts, rеquіrеmеntѕ аnd рrосеѕѕ to follow іn … Continue reading

iXBRL in South Africa – Why it makes sense

Regulators in South Africa and other parts of the world still collect Annual Financial Statements (AFS) in PDF and paper formats. However, there is increasing need for adapting to an international standard of accurate, efficient and fast digital business information … Continue reading

Brexit delays MTD mandate and implementation

Brexit delays MTD mandate and implementation A deadline of 2020 is set for all tax returns to be digitised. However, the Brexit split will delay the MTD (making tax digital) mandate and its implementation which might extend the timeline for … Continue reading

IFRS 16: Upcoming Changes to Lease Accounting

IFRS 16 Leases comes into effect from 1 January 2019. As the standard will bring about wide-reaching changes to the way businesses account for leases, we highlight what you need to know below. The existing rules will change Currently, leases … Continue reading

Why you should outsource your iXBRL requirements
  •   22 May, 2018  Posted By Amruth   Posted in ixbrl
  • Tags: ,

Different regulatory bodies across the world have passed regulations for publicly traded corporations in recent times. Over the past year, many organisations and regulatory agencies have put forth new rules that govern how and when organisations must report their annual … Continue reading

Things you should know about CIPC’s XBRL Programme

The Companies and Intellectual Property Commission (CIPC) embraces international best practices and the іmрасt of the use of iXBRL when submitting Annual Financial Statements (AFS) online and in improving efficiency. iXBRL will simplify reporting financial information electronically for companies. The … Continue reading

Structuring the Unstructured – XBRL

XBRL Continues to Make Waves eXtensible Business Reporting Language, or XBRL for short, is an XML-based global data standard that has changed the way that organizations share their business and financial data. We’ve previously discussed the importance of XBRL implementation, … Continue reading

The ESMA Mandate: Impact of iXBRL and ESEF for listed companies in the EU

Digitisation is the norm everywhere; including the agenda from European Securities and Markets Authority (ESMA), pushing for better utilisation of technology in reporting and compliance. The goal being to ensure listed companies within the EU are preparing their annual financial … Continue reading

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

HMRC postpones Making Tax Digital project by another year

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

Digital Revolution in Compliance Reporting

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

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
  • Tags:

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

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

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

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

Timelines for Transition to FRS (the new UK GAAP)
  •   28 Jan, 2015  Posted By Meena Mahadevan Iyer   Posted in FRS 102
  • Tags: ,

Financial Reporting Council (FRC) has issued three new accounting standards collectively known as Financial Reporting Standards (FRS) which will replace the existing UK GAAP. Synopses of the three FRS standards are given below: FRS 100: Application of Financial Reporting Requirements … 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

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

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

Companies House publishes XBRL/iXBRL company accounts to general public

Companies House has launched its Free Accounts Data Product in response to the market demand for company accounts data, and to be consistent with the UK government’s open data agenda. It is part of the Public Data Group (PDG), which … Continue reading

Revenue Ireland iXBRL Project

Ireland has just kick started its mandated iXBRL program – second largest iXBRL program in the world. Here is the project overview for a better understanding. What is required? Tax returns that are filed with Revenue Ireland are required to … Continue reading

How companies can reduce HMRC rejection

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 … Continue reading

Companies House Filing vs HMRC Filing with iXBRL | DataTracks UK

Companies registered in the UK are required to file their accounts with Companies House, while all businesses (not just companies) are required to do the same with HMRC, along with their tax returns. Companies are therefore required to submit the … Continue reading

Roll forward in iXBRL Explained

XBRL statements are being prepared by companies once every quarter or every year depending on the regulatory requirements of each country. Updating an XBRL document for a new period requires four types of changes to be managed: 1. Changes in … Continue reading

Why HMRC Made the Right Decision to Choose iXBRL over XBRL

XBRL (eXtensible Business Reporting Language) is an open technology standard for business reporting.  XBRL is based on XML (eXtensible Markup Language).  iXBRL (Inline XBRL) is a development over XBRL, where the key enhancement lies in the rendering of tagged facts … Continue reading

Analysis of the Trends in First Year iXBRL Filings in UK

The past year has witnessed the marketplace for iXBRL services boom with a number of service providers vying for consumer attention since the introduction of the HMRC’s mandate. DataTracks has been at the forefront of the market, providing services to … Continue reading

What should you look for in an iXBRL tagging services provider?

With the increasing number of iXBRL tagging service providers in the industry, it becomes vital that companies and accounting firms choose the right iXBRL tagging service provider. Here are some tips on how you should decide on an iXBRL managed … Continue reading

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 … Continue reading

Why do companies prefer to use outside vendors rather than prepare iXBRL documents in-house?

There are two myths about conversion of financial documents into iXBRL format. Myth 1: it is simple. Myth 2: It is complex. The first reaction of most companies is to try and prepare the iXBRL statements in house using an … Continue reading

Tips to Users to ensure quick and error free output from DataTracks
  •   12 Oct, 2011  Posted By admin   Posted in ixbrl
  • Tags:

In the beginning there was euphoria when we learnt of the HMRC initiative to collect financial statements and tax computations in iXBRL format. You don’t get an opportunity to address a new market with such a large size. The euphoria … Continue reading



Subscribe by Email