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HMRC Filings

iXBRL Conversion Services

We offer the following iXBRL Conversion Services to Companies and Tax Advisors/Accountants

HMRC have mandated that all tax returns and financial statements need to be submitted in iXBRL format for accounting periods ending after March 2010 and accounts filed after March 2011.

We create financial accounts and tax computations in iXBRL format for you from inputs you load onto our website. The accounts etc. you load are in the format you currently use – we support all common formats. For smaller companies we can also create simple accounts from a trial balance in iXBRL format

You upload into our websiteWe prepare and return to you for you to file with HMRC
Financial statement (as a spreadsheet or word processor, document) Financial statements in iXBRL format
Tax computations (as a spreadsheet, word processor document or PDF file) Tax computation (in iXBRL format)

Additional services:

We can also:

  • convert PDF files to iXBRL output
  • convert simple trial balances to UK GAAP accounts.

For more information on the services, please contact us at support@datatracks.co.uk and we will get in touch with you.

What does DataTracks do:

We receive your inputs (as uploads into our website; after you register as a user). Your inputs can be:

  • Fully prepared financial statements.
  • Tax computations.

Your inputs can be provided as spreadsheets, word processor documents or PDF files.

We prepare your tax computations and financial statements in iXBRL format and return to you (for you to file with HMRC).

Who can use DataTracks:

Companies and/or Tax Advisors/Accountants who do not want to invest in an accounts and tax preparation software or in accounting expertise required to work with UK GAAP and IFRS or technical expertise required to prepare iXBRL documents.

What are your options for producing iXBRL accounts:

You have three choices:

  1. Use an accounts production software that would produce iXBRL documents automatically.  However, you need to invest in such a software, invest in training your staff to acquire expertise in UK GAAP or IFRS and lose staff time in setting up and maintaining the relationships between account heads and UK GAAP/IFRS taxonomy labels. 
  2. Use an iXBRL tagging software.  However, you need to invest in (or rent) such a software, invest in training your staff to acquire expertise in using the software (several of these are complex) and expertise in UK GAAP or IFRS and lose staff time on a continuing basis in mapping line items in your statements with UK GAAP/IFRS taxonomy labels.
  3. Use DataTracks.  Just upload your statements (in whatever format you prepare them; we accept most formats).  We do everything and return to you the iXBRL documents for review and filing with HMRC.  You can review the iXBRL documents using any browser.

DataTracks is designed for use by Companies and Tax Advisors/Accountants who do not want to invest in software and training and lose precious staff time on non core areas. More importantly, you have the benefit of our expertise in UK GAAP and IFRS and our expertise in iXBRL technology. (We are one of the few vendors recognised by HMRC to provide these services for preparation of financial statements in iXBRL format).

How much does it cost :

Our prices depend on:

Page Band Our prices vary with the annual Page band of the company. Prices start as low as a few tens of pounds for very small companies.
Turnaround time Our standard charges apply if you provide us 10 days or more turnaround time. For shorter turnaround times additional charges apply.
Volume discounts Discounts are available for orders involving more than 20 entities, up to a maximum of 20% discount for very large orders.

Note: The prices quoted on our price list do not include VAT. You will have to pay extra for VAT.

Additional Services:

Accounts Preparation If you provide a list of ledger balances instead of a fully prepared financial statement extra charges apply for preparation of financial statements.

What can I do to minimize the price charged by DataTracks:

  • Provide your inputs quite early. Give maximum turnaround time possible for outputs to be returned.
  • Avoid delivery deadlines that fall during peak periods.