Just a reminder that from 1 April 2011, HMRC will require most* company financial statements submitted with corporation tax returns to be filed in the iXBRL format. This electronic format tags the data in the financial statements – an “average” set will have between 300 and 400 tags.
Over the past few months the haysmacintyre iXBRL “taskforce” have been working with various software suppliers to develop a solution for clients. We have now finalised our offering and are ready to market our solutions that ensure full iXBRL compliance.
We have two solutions:
· Production of the financial statements using our Accounts Preparation software – CaseWare.
· Conversion of Word or Excel financial statements into iXBRL
We already prepare over 500 sets of financial statements on CaseWare and we will be extending this service to existing and prospective clients. CaseWare accounts can be exported into the iXBRL format and most data is automatically tagged. In addition to solving the iXBRL issue this solution provides clients with a high quality set of financial statements and because they won’t have to prepare the accounts themselves, it will save them time as well.
Our conversion software will take Word and Excel documents and convert them into iXBRL. We will then tag the data using the tagging software and ensure that all applicable tags are applied for submission to HMRC. This will enable companies to continue to prepare accounts in their preferred format without any changes to their existing processes.
It became apparent during our research that the tagging process is not easy and requires significant experience of both accounts and the HMRC taxonomies. We are therefore training a small team of our qualified members of staff to provide the above services to ensure that financial statements are accurately tagged.
We have discussed with a number of clients whether it is appropriate for them to use either of two solutions in-house, however due to the time and training required and the cost of acquiring the software most clients are keen to outsource the work to us.
We have just finalised the pricings of our two options and we believe we have pitched these at very competitive rates compared to the other quotes on the market. If you are reading this and would like a quote then please don’t hesitate to contact me.
* small charitable companies will be exempt for an interim period.
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