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iXBRL (Inline XBRL)
Introduction
From April 2011 HMRC require company accounts to be submitted in the form of an
iXBRL file. Paper and pdf files will no longer be accepted. An iXBRL file has
the same format as a page on a web site and the accounts it contains can be
viewed in any web browser simply by opening the file. The following is an
example provided by HMRC (click on it to open in a new window in your web
browser):
Each relevant item of data in the above has also been marked with a hidden code contained within the file. The codes are commonly referred to as tags and the list of possible tags is called a taxonomy. A tagged item of data is called a fact. Using the tagged data, HMRC can automatically scan the accounts to highlight any corporation tax cases that require further investigation!
For illustrative purposes, VT have modified the above file to show all the tagged items (facts) with a yellow background. Click on the following to show this version of the accounts:
VT Software used the program VT Fact Viewer to generate the above file. This program is available as a free download.
Generating iXBRL files
There are three ways to generate an iXBRL accounts file:
Automatic tagging. Accounts production packages such as VT Final Accounts will have a button that automatically generates the file.
Software assisted tagging. Using special software, accounts prepared in Excel or Word can be marked up with the required tags by selecting items from a list. Tags can also be automatically suggested based on the text and layout in the accounts. The tagging information is stored in the original Excel or Word document, so the document can be modified or used for a subsequent year without having to re-tag it. A small set of accounts may have between 200 and 400 items of data to be tagged, including comparatives. The HMRC example has 367.
Post production tagging. This is a service where you send a pdf of your accounts to a third party (perhaps in India), and the tags are manually selected for you. An iXBRL file is returned to you. If you make a single change to your accounts, the whole process has to be repeated.
In theory it is possible to write an iXBRL file from scratch using a text editor such as Notepad. In practice this is virtually impossible, even if you have mastered the necessary technicalities.
VT Final Accounts
The December 2010 edition of VT Final Accounts will have a new button on the VT
toolbar called Generate iXBRL File. This will display the following
dialog:
The user will just have to click on OK to generate an iXBRL file.
Some practicalities
The Generate iXBRL File button will only apply to VT workbooks, and these must have been created in the December 2010 edition of VT or later. Earlier VT workbooks will not have the necessary tagging information stored in the relevant cells.
Data from old workbooks can easily be imported into a new one using the Copy Accounts Data and Paste Accounts Data commands on the VT Final Accounts>Edit menu. More info...
A dialog will be provided so that a tag can be selected by the user and applied to any custom items of data in the workbook. HMRC have stated that if a tag exists for an item of data then it must be tagged. However, they have no automatic way of detecting this. Also, the latest UK taxonomies contain no calculation check. Hence a balance sheet that does not balance because a custom item has not been tagged cannot be easily detected by HMRC .
Submitting an iXBRL accounts file to HMRC
iXBRL accounts files can only be submitted to HMRC as part of a Corporation Tax return.
You should be able to import an iXBRL accounts file into your Corporation Tax
software package in a similar manner to the system currently used for importing
a pdf file. A list of the tax packages that have tested this feature with HMRC
is published at
www.hmrc.gov.uk/efiling/ctsoft_dev.htm
You can also upload an iXBRL accounts file using HMRC's on-line CT filing product.
Submitting an iXBRL accounts file to Companies House
From the summer of 2010 Companies House will also
accept the full accounts of unaudited companies as an iXBRL file, and
this will be extended to all main account types by summer 2011. Companies House
have not announced any plans to make this mandatory and accounts can still be
submitted on paper.
VT have requested that Companies House simply have an Upload button on their web site for uploading an iXBRL file produced by any software package. If they do not do this, VT will write software to transmit the file to Companies House via their gateway. VT do not currently have a release date for this feature.