HMRC has 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.
HMRC has issued guidance on the accounts that need to be filed using iXBRL. Taxpayers and their agents should refer to the HMRC website for exact requirements before taking action but in outline these are:
  • individual accounts required to be prepared under Chapter 4 of Part 15 of the Companies Act 2006.
  • Building Societies Act 1986
  • Friendly and Industrial and Provident Societies Act 1968
  • Friendly Societies Act 1992
  • Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008
iXBRL refers to Inline Extensible Business Reporting Language, a method where:
  • Every number in a financial report is associated with an element in a standardised accounting taxonomy (or a financial dictionary) 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.
A taxonomy is a classification of description or labels, arranged into hierarchical groups according to the relationship of each to the other.
DataTracks is a provider of fully managed tagging services.
  • a Company incorporated in England and Wales.
  • is a vendor recognised by HMRC for providing this service.
  • is a global provider of accounting and related services to enterprises worldwide with 13+ years of track record in preparing regulatory filings in the United States, Europe and Asia.
Companies, Accounting Firms and Tax Advisors who do not wish to spend on accounts production/tagging software, or on technical and accounting expertise required for preparing iXBRL documents can use DataTracks.
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, New FRS or IFRS and lose staff time in setting up and maintaining the relationships between account heads and UKGAAP/FRS/IFRS taxonomy labels.
  • Use an iXBRL tagging software. However, you need to invest in 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, New FRS or IFRS and lose staff time on a continuing basis in mapping line items in your statements with UK GAAP/FRS/IFRS taxonomy labels.
  • Use DataTracks. Just upload your statements (in Word/Excel/PDF). We process 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:
Our Accounting and XBRL expertise
We have over 400 accounting and XBRL experts who are honed by preparing more than 100,000 regulatory reports so far.

Our experience
We have been preparing XBRL documents for more than 13 years and serve 6 of the Top 10 accounting firms in the UK.

Our service capability
Our service delivery team operates round the clock, ensuring high level of accuracy and timely delivery. We are equipped to handle high volumes of work any time of the year.

Our quality and Information Security
We are ISO certified for Quality (ISO 9001:2015) and Information Security (ISO 27001:2013).

Our competitive prices
We offer one of the most competitive prices in the market with our iXBRL tagging services starting at just £88 per file and Country-by-Country Reporting services at just £600 per report.

We use an HMRC recognised iXBRL tagging software.
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.
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.

The following inputs are required:

If you want us to tag your financial statements:
Financial statement (as a spreadsheet, word processor document or PDF file)

If you want us to tag your Tax computations along with financial statements:
Tax computations (as a spreadsheet, word processor document or PDF file)

You will need to setup a user account, setup as many companies or filing entities as you want and then upload your input documents through the DataTracks portal.

Depending upon your requirement, you will receive either tagged financial statements (in iXBRL format) and tagged Tax computation (in iXBRL format)

You will receive the completed output as an HTML file.

Additionally, you would also receive a document to aide you in reviewing iXBRL tags.

The iXBRL outputs will be uploaded to your user account. You can download the same by logging into your account.

You need to sign up as with on our website: www.datatracks.co.uk by filling in some preliminary information about yourself to be registered with DataTracks.

Email support@datatracks.co.uk your requirements (specifying the changes you desire). 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.

You can contact our support team either by sending an email to support@datatracks.co.uk or by reaching them directly on +44 20 3608 8035 x 204

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 enquiry@datatracks.co.uk for more details.

Upload the input documents should be done immediately after the payment process is completed. This will ensue no delay in processing your input and timely submission.

Yes, you can. If upload is interrupted, you can resume any time by entering the job number.

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.

You will need to send a mail to support@datatracks.co.uk if your upload is delayed.

Once your job is completed, an email will be sent to you confirming the completion of the job.

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 price depends on the following:

Page Band Our prices vary based upon the number of pages in the financial statement
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 15 or more entities in a year
You can reduce the cost by the following ways:
  • Choose Word or Excel input as against PDF and pay lesser
  • Plan in advance and opt for 10 business days turnaround time
  • Avail volume discount if you have 15 or more entities for tagging in a year
  • Refer our services to others and earn referral discounts

You can pay by PayPal, credit card and debit card. Please contact us if you want to pay by other modes.

No. Service Fees is excluding VAT. You will have to pay additionally for VAT.

There can be several reasons for credit card decline. Make 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 apologise for the inconvenience, but DataTracks does not accept payments over the phone.

Inline iXBRL (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 iXBRL tags.

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 100,000 regulatory filings in the United States so far.
  • Technology expertise necessary to work with iXBRL tagging software.

Yes, we can tag all applicable taxonomies (FRSs & UK GAAP/FRSSE).

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.

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.

The Common Data Taxonomy is adjunct to the UK GAAP; it provides a number of reporting concepts that are likely to be common and GAAP-independent.

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.

Taxonomy Full List Minimum Tagging List
UK GAAP 5,292 1,253
UK IFRS 3,820 1,629
UK Common Data 1,028 Full Tagging required
Corporation Tax Computational 4,549 1,207

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