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.
What is the current scope of iXBRL reporting requirements? ^
HMRC has issued guidance on the accounts that need to be filed using iXBRL. Taxpayers and their agents should refer to the HMRC web site for exact requirements before taking action but in outline these are:
Companies preparing accounts under the Companies Act 2006.
Businesses that prepare accounts under certain legislation governing certain financial institutions.
Entities incorporated under the law of a non UK country but which are UK resident for tax purposes.
UK branch or agency accounts for non resident companies trading in the UK through a permanent establishment.
iXBRL refers to Inline Extensible Business Reporting Language, a method where:
Every number in a financial report is associated with an element in a standardized accounting taxonomy (or a dictionary of financial data) so that all users of the data get a consistent understanding of what the data represents.
The tagged data is machine readable. This allows HMRC to quickly and easily analyse the data electronically.
Data continues to be easily read through browsers or as printed pages.
DataTracks is a provider of fully managed tagging services. DataTracks is owned by DTracks Limited,
a Company incorporated in England and Wales.
is a vendor recognised by HMRC for providing this service.
is promoted by Datatracks Services Limited, a global provider of accounting and related services to enterprises worldwide with 8 years of track record in preparing regulatory filings in the United States and Europe.
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 or IFRS or technical expertise required to prepare iXBRL documents.
What are my options for producing iXBRL accounts? ^
You have three choices:
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 UKGAAP/IFRS taxonomy labels.
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.
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.
For several reasons: We have expertise in Accounting We provide accounting services to enterprises worldwide. Our group was placed fourth worldwide in providing finance/accounting services to midsize enterprises in the US in 2007.
We are experts in XBRL technology We have been preparing XBRL documents for more than two years for several US corporations. We are a HMRC recognised vendor providing these services in the UK.
We have the service capability We have been preparing regulatory filings to a very high level of accuracy and with fast turnaround for high volumes of work. We have prepared more than 60,000 filings with the SEC in the last three years.
We ensure high quality service Our Group’s delivery centres have rigorous quality management systems and are ISO 9001:2008 certified for provision of these services.
Our prices are low We are known for competitive prices. We offer a sliding scale of prices so the earlier you submit your inputs the less it costs you. You give us time we save you money.
You do not need to consult a tax advisor simply about iXBRL conversion. We convert your financial statements and tax computations into iXBRL format and return the converted file to you.
How do I get financial statements and tax returns in iXBRL format? ^
You follow five easy steps:
Set up an account with www.DataTracks.co.uk
Set up as many companies or filing entities as you want.
Upload input documents for each company (or filing entity).
Choose your turnaround time/price, pay and get a job ticket.
Download your iXBRL document for filing with HMRC.
You can track the progress of your work all the time the work is under execution by logging into your user account. We will notify you by email when your work is completed and the output is ready for you to download.
Email email@example.com your requirements (specifying the changes you desire). Or contact our London based Account Manager. We would execute the changes you desire at no extra cost; as many times as you desire. We are with you all the way until you file your return.
What help is available if I require support after receiving the outputs?^
You can call our customer support telephone number in UK. Or, call our London based Account Manager. We would be happy to provide all the help you require.
I manage a number of entities for which I want your service. What should I do? ^
You need just one user account even if you are a bulk user covering several filing entities or a holding company covering several subsidiaries.
Users with over 100 entities can use a “bulk service” rather than the web site. You transmit inputs to us and receive outputs from us directly through FTP in a secure VPN and pay us directly for services. Contact us at firstname.lastname@example.org for more details.
The upload of files will be completed after you have confirmed the inputs. You will need to confirm the inputs within 3 hours after payment. We would accept work only after the inputs are confirmed. If upload is interrupted, you can resume any time by entering the job number.
I have four input files for my financial statement. Can I upload them as separate files? ^
Yes, you can.
In the Upload files page, you can upload additional files pertaining to the same entity for the same period.
Can I change my input file type after I have uploaded my inputs? ^
You will be able to change the input files between a Spreadsheet file and a Word file. You will not be able to upload a PDF file as the input file if you had selected a Spreadsheet file or a Word file as the input format or vice versa, while placing the order.
What happens if I choose the incorrect file type? ^
You can change the file type anytime before you have made the payment. After you have made the payment, you will not be able to change the file type.
What happens if upload is not successful? Can I come back later and complete the upload? ^
Yes, you can. If upload is interrupted, you can resume any time by entering the job number.
What happens if my upload is delayed? Would the outputs be delivered before deadline indicated in the order?^
If you take more than 3 hours to confirm your inputs after upload, the delivery of output may get delayed beyond the deadline indicated in the order.
At the login screen, click the Forgot Password button to reset your account password. You will be asked to enter your username and will then be asked to answer your security question. If you answer correctly, you will receive a new password immediately to the email address you provided at the time of registration.
Our prices vary with the annual revenue of the company. Prices start as low as a few tens of pounds for very small companies.
Turnaround time desired & Delivery deadline
If you want quick return of your output extra charges apply.If you provide a long lead time to get the output, you will get a discount.If delivery deadline falls during peak period, extra charges apply.
What can I do to get the lowest price from DataTracks? ^
You can minimize our price for the service:
Provide your inputs quite early. Give maximum turnaround time possible for outputs to be returned.
Avoid delivery deadlines that fall during peak periods.
You would have the choice to specify delivery deadline before confirming the order.
You can pay credit card and debit card. We also support several popular payment mechanisms such as Paypal. We will notify you of successful receipt of funds and allocate a ticket reference to track the progress of your work all the time the work is under execution.
No. Service Fees is excluding VAT. You will have to pay additionally for VAT.
Why was my credit card declined? Can I give you my credit card number over the phone?^
There are several reasons why your credit card may be rejected. May sure you have entered the correct credit card information. Also make sure that you did not use a debit card by accident. Sometimes a valid card is rejected for high risk or suspected charge. If rejected, you will either need to try another card, select a different payment option, or call your credit card company.
We apologize for the inconvenience, but DataTracks does not accept payments over the phone.
Inline XBRL (iXBRL) is a HTML based file. It retains the author’s layout, style and branding and can be viewed on a web browser. The document looks the same to both the author and reader, while incorporating computer readable XBRL tags.
What skills are required to prepare iXBRL documents?^
Two skill sets are required:
Accounting expertise that would help in deciding the most appropriate element in the accounting taxonomy that should be associated with each piece of data. We are experts in accounting. We have prepared more than 60,000 regulatory filings in the United States in the last three years.
Technology expertise necessary to work with XBRL tagging software.
Yes we can use UK GAAP. Our accountants in global locations of DataTracks have been preparing XBRL documents for more than two years for several US corporations and are familiar with various accounting taxonomies including UK GAAP and IFRS.
Yes we can use IFRS. Our accountants in global locations of DataTracks have been preparing XBRL documents for more than two years for several US corporations and are familiar with various accounting taxonomies including UK GAAP and IFRS.
XBRL (Extensible Business Reporting Language) is a web based computer language written specifically for business reporting. The aim is that all Corporation Tax Returns and Financial statements of companies will be tagged within XBRL using descriptions predefined by HMRC and by the UK GAAP/UK IFRS taxonomies.
What are the differences between HTML, XML and XBRL? ^
HTML (Hypertext Markup Language) is a standard way of marking up a document so it can be published on the World Wide Web and viewed in a browser. It provides a set of pre-defined tags that describe on how content appears in a browser. For example, it describes the font and color of text. It gives little information on meaning or context.
XML (Extensible Markup Language) uses tags to identify the meaning, context and structure of data.
XML is a standard language which is maintained by the World Wide Web Consortium (W3C). XML does not replace HTML; it is a complementary format that is platform independent, allowing XML data to be rendered on any device such as a computer, cell phone, PDA or tablet device. It enables rich, structured data to be delivered in a standard, consistent way.
Whereas HTML offers a fixed, pre-defined number of tags, XML neither defines nor limits the tags. Instead, XML provides a framework for defining tags (i.e. taxonomy) and the relationship between them (i.e. schema).
XBRL is an XML-based schema that focuses specifically on the requirements of business reporting. XBRL builds upon XML, allowing accountants and regulatory bodies to identify items that are unique to the business reporting environment. The XBRL schema defines how to create XBRL documents and XBRL taxonomies, providing users with a set of business information tags that allows them to identify business information in a consistent way. XBRL is also extensible in that users are able to create their own XBRL taxonomies that define and describe tags unique to a given environment.
To help with the introduction of mandatory online filing for returns, HMRC will initially accept accounts and Corporation Tax computations with only some of the data needing to be tagged. HMRC has already published ‘minimum tagging lists’ for the UK GAAP and Corporation Tax computational taxonomies and will be doing so for UK-IFRS. These lists specify the items that must be tagged if they are present in any given set of accounts and computations. Companies may choose to adopt full tagging immediately. A minimum required level of tagging will continue indefinitely for Corporation Tax computations, although the contents of the list will vary over time to reflect new legislation. HMRC will eventually require all items in the accounts to be tagged, probably from April 2013. Until then, the expectation is that the minimum tagging lists for both the UK GAAP taxonomy and the UK IFRS taxonomy will stay relatively static. All taxonomies are revised periodically, typically annually, to recognize legislative changes and new accountancy standards and the minimum tagging lists may also be subject to revision to reflect these changes.
Minimum Tagging List
UK Common Data
Full Tagging required
Corporation Tax Computational
Where can I get information on technical support?^
You would have the choice to specify delivery deadline before confirming the order.
(Tax advisors with several hundred filing entities or Corporations with several hundred subsidiaries)can transmit their inputs to us and receive outputs from us directly through FTP in a secure VPN and pay us directly for services. Contact us for details.