iXBRL Resources & Software for Free

A brief about how and when iXBRL came into effect in the UK and the applicability criteria. Further, get to understand the iXBRL format.

1. Why you need to file in iXBRL?

Legislation, which came into force on 1 January 2010, means that it is compulsory for companies to send their Company Tax Returns online using iXBRL for accounts and computations. It will no longer be acceptable for most companies to send either the accounts or computations on paper or as a PDF attachment to an online return. Unincorporated charities, clubs and societies may use either iXBRL or PDF for their accounts, but any computations must be in inline XBRL format. The new requirements are effective for returns delivered on or after 1 April 2011, for any accounting periods ending after 31 March 2010.

2. What is iXBRL Format?

The iXBRL format being used in the UK for company reporting is known as Inline XBRL or iXBRL. This consists of a human-readable report, which has iXBRL tags embedded in it. The human readable text is effectively HTML - the basic language of the web. The web file contains the iXBRL tags, which are hidden and only displayed to human eyes when required by software.

The inlineXBRL format, technology, taxonomy and all concepts associated to it are under constant development. Some new and emerging concepts are iXBRL For “Glossy” Reports a preview of the report can be seen here.

3. HMRC's iXBRL filing requirements

From 1 January 2010, it is compulsory for all companies to send the Company Tax Returns online using iXBRL for accounts and computations.

Which means it is applicable to companies whose accounts are prepared under one of the following accounting frameworks:

    • EU-adopted International Financial Reporting Standards (IFRS)
    • Financial Reporting Standard (FRS) 101
    • FRS 102
    • FRS 102 Section 1A Small Entities
    • FRS 105 The Financial Reporting Standard applicable to the Micro-entities

and for charities that prepare statements under the Statement Of Recommended Practice (SORP) (FRS 102).

4. Companies House's iXBRL filing requirement

Companies House the UK Business Registry has made available and free of charge the Accounts of the companies in XBRL. Visit the link to view accounts of the companies.

 

iXBRL Resources: Taxonomies, Validaton Tool and Guide.

1. UK Taxonomies

2. UK iXBRL Validator

Click here to VALIDATE FILE

3. Guide on UK iXBRL

4. Request trial version of free iXBRL Tagging Software. 

Or simply share the your Year Accounts and leave it to the experts! contact us

For queries on taxonomy, software and validation issues contact us.