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What is iXBRL and how can BTCSoftware help?

What is iXBRL and how can BTCSoftware help?

From 1 April 2011, for any accounting period ending after 31 March 2010, Company Tax Returns must be filed online. In addition to this, all accounts and computations will need to be in a new format which is called Inline eXtensible Business Reporting Language (iXBRL). iXBRL is an IT standard designed specifically for business financial reporting and tax filing.

To file Company Tax Returns online to the revenue, there are three things to consider which are mandatory for the submission of most Company Tax Returns. They are as follows:

Corporation Tax Return (CT600)

Corporation Tax Computations in iXBRL

Year-end accounts in iXBRL

For further information on iXBRL requirement for a company, please see the HMRC guidance on Company Tax Returns: format for accounts forming part of an online return.

BTCSoftware CT Solution modules are able to create the CT Computations in iXBRL.

You will need year end accounts in the same format (iXBRL) attached to the corporation tax return in order to file them online. For this you are able to use BTCSoftware’s AP Solution or a third party iXBRL accounts provider. Using BTCSoftware’s Accounts module will prove more beneficial with the integration with CT solution enabling accounts to be automatically fed through into the CT600 computations and the CT tax fed back into the Accounts module. You are also able to file iXBRL accounts to Companies House via our PM Solution. To further discuss the implications of iXBRL for your business please call us on 0345 241 5030.

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 General, Guides, Knowledge Based Articles  
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