Online filing using iXBRL is now mandatory for all companies' UK Corporation Tax (UKCT) returns (including accompanying tax computations and financial statements) except in very limited circumstances.

What is iXBRL?

It's a special computer language, which allows HMRC to extract, analyse & manipulate data

How will this affect your company?

It's a significant step towards reducing HMRC's manual input costs BUT will result in additional compliance costs for companies, since UKCT returns etc. must now be 'tagged' in iXBRL format

How can we help?

We know that no cost increase is ever welcome, particularly those arising out of additional HMRC compliance requirements, however, we at AAB are working very hard to minimise the cost impact

For companies whose UKCT returns and accounts are already prepared by us:

• Over the past 2-years, we've invested heavily in new, iXBRL compliant, tax and accounting software
• No software can fully automate the tagging process - manual input is always required
• However, our investment in the software and staff training means we can meet your additional compliance requirements in the most cost efficient manner possible

For companies whose corporation tax returns and/or accounts are not prepared by us:

• You must find a method of submitting your UKCT returns and accounts to HMRC in iXBRL format
• We can help you identify the best solution for your particular circumstances. The alternatives are:
   - Use HMRC online software (only suitable for very basic UKCT returns and accounts); or
   - Purchase new iXBRL compliant software yourself; or
   - Take advantage of our iXBRL tagging service and allow us to manage the submission process

How much will it cost?

The price will reflect the relative complexities of your financial statements and tax computations and the amount of manual input required. For example, the price will be greater for consolidated group accounts, or accounts with non-standard notes, as compared with simple accounts with standard notes.
If you have multiple sets of accounts you currently prepare in-house, then please give us a call to discuss our "High Volume Submissions" service.

Whichever solution is best for your needs, we are certain you will find our prices highly competitive.

How can I find out more?

If you wish to discuss our iXBRL tagging services please contact either Paula Rae, Audit Senior Manager ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) or Alison Duncan, Corporate Tax Manager ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) on 01224 625111

For more information click on the HMRC link below or give us a call.

http://www.hmrc.gov.uk/ct/ct-online/file-return/switching.htm