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iXBRL Blogs

Our iXBRL experts frequently write on topics related to iXBRL in UK, HMRC CT600 filing of annual returns, accounts filing with Companies House.

HMRC CT600 iXBRL reporting

All that you need to know about CT600 filing with HMRC.

Did you recently receive a ‘notice to deliver a Company Tax Return’ from HM Revenue and Customs (HMRC) and considering how to go about it. This blog provides you information on all that you need to know about iXBRL filing with HMRC.

Introduction

From 1 April 2011 all Company Tax Returns for accounting periods ended after 31 March 2010 must be submitted online using the Inline eXtensible Business Reporting Language (Inline XBRL, also known as iXBRL) data standard for accounts and computations.


What documents are required for submitting Company Tax Return to HMRC?

The online CT submission pack filed through the Government Gateway will need to consist of the following attachments:

  • Corporate Tax Return forms (Form CT600) in XML;
  • Corporation Tax computation in iXBRL;
  • Statutory annual accounts of the legal entity in iXBRL;
  • Other supporting schedules in pdf where applicable.

What are the resources required for submitting Company Tax Return to HMRC?

Filers have to deal with:

  • Converting and tagging CT computations in iXBRL format
  • Creating, converting and tagging entity accounts in iXBRL using applicable taxonomy such as FRS 101, FRS 102 or FRS 105
  • Creating, converting and tagging entity accounts in iXBRL using applicable taxonomy such as FRS 101, FRS 102 or FRS 105
  • Converting other supporting schedules in pdf;
  • Producing CT600 return forms in XML
  • Accessing the government gateway to file online (e-filing);

  • What are the options available preparing iXBRL and XML documents?

    Companies have multiple options to consider when it comes to preparing their iXBRL reports. The best option will depend on the resources available in house.

    • If you are already using a third party software then consider the possibility that the software vendor may have already have incorporated the feature that allows you to export data into inline XBRL. These software may include accounting software, enterprise resource planning software, or disclosure management software.
    • If you prefer to fully integrate XBRL reporting into your existing systems and processes then you may want to consider the expertise of software service providers.
    • If you have in-house expertise then you can install a customized software package which incorporates the appropriate taxonomy and allows tagging of data elements against the taxonomy.
    • If you prefer an expert’s help then you could consider outsourcing XBRL production altogether to iXBRL expert like FinTags. We receive your existing financial statements in non-XBRL format accounts (e.g. Word or PDF format) and send you back experts tagged iXBRL files after quality check and successful test filing with HMRC.

    How FinTags iXBRL services can assist in CT600 filing.

    FinTags, whose subject matters experts have been involved in preparing iXBRL reports right from the time it was mandated by HMRC in 2011, offers a compelling choice for companies seeking to outsource their iXBRL reporting. Besides our accounting and XBRL expertise, we deliver meaningful distinguishing features from our competitors such as:

       (1)  No questions asked refund policy - Our competitors assure quality, assured filing with HMRC and on time delivery. We go one step ahead – all our customer facing employees are authorized to refund money without any questions if you are not satisfied with our service.

       (2)  Sensible pricing based on actual number of pages tagged and not based on page bands, as charged by our competitors

    For more details about our iXBRL tagging services please email us at hello@fintags.co.uk and we will take care of your iXBRL reporting needs

    Disclaimer: The views, information, or opinions expressed in this article are solely those of the author and do not necessarily represent those of FinTags and its employees. The purpose of this article is primarily to educate and inform, not to provide specific professional advice. FinTags assumes no responsibility for errors or omissions in the contents. If you have any queries or feedback about this article please email us at creative@fintags.co.uk

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