XBRL, abbreviation for eXtensible Business Reporting Language, is an XML-based language for tagging financial data that enables business to efficiently process and share their data.
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.
In the UK, you will have to file company tax return annually, if you are registered as a limited company or any foreign company with a UK branch or office. Co-operatives or associations may also need to file the company tax returns even if they start trading
The financial statements to be converted to iXBRL should include balance sheet, statement of profit or loss, statement of changes in equity, statement of cash flows and Notes.
There is no universal deadline to file a company tax return. The date is unique to each company depending on the accounting period.The deadline to submit iXBRL accounts as a part of company tax returns is 12 months after the end of the accounting period
Companies have multiple options to consider when it comes to preparing their XBRL reports. The best option will depend on the resources available in house.
