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 outsourcing to managed tagging service providers like DataTracks.
i. Saves your precious time
Outsourcing your iXBRL work means you do not have to spend time in tagging, reviewing and generating iXBRL files.
ii. Helps you focus on your core business
Outsourcing your iXBRL work lets you focus on your core activities, be it Accounting, Auditing, tax, etc.
iii. Saves you money
iXBRL preparation cost starts as low as £88 for the new FRS and IFRS Accounts. New customers who are ICAS members have a 10% discount (use coupon code ICAS10).
When you outsource your iXBRL work, they are handled by specialists with expertise in various taxonomies approved by HMRC and industry best practices.
v. No need for specialised software
There is no need to buy iXBRL software license year on year. Outsourced vendors have in-house software arrangements. There is no need to invest time in knowing how these software work.
vi. Guaranteed filing with HMRC
All iXBRL files are test filed with HMRC gateway for guaranteed successful filing.
vii. HMRC best practices
Outsourcing partner has a rich repository of experiences gathered over the years with thousands of iXBRL preparations. They can be relied upon to adhere to industry best practices, including HMRC recommendations.
viii. Supporting files to review
When you use a professional service, you not only get the iXBRL file for filing with HRMC; you will also receive supporting files with XBRL tags for review and an additional file to exchange comments during the review process.
ix. Flexible turnaround time
When you outsource your iXBRL work, you have the ability to meet your filing deadline. For example, at DataTracks, we have two turnaround options – 3 or 10 business days.
x. Flexible input file format
Professional service providers have the capability to accept any input file formats. For example, at DataTracks, we accept input files in Word, Excel or even in PDF file formats.
About DataTracks: DTracks Limited is a subsidiary of DataTracks Services Limited. With more than 12 years track record, DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, ACRA in Singapore and MCA in India.
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