CaseWare & iXBRL
As of the 1st April 2011, all limited company accounts and their tax submissions need to be submitted as tagged, XBRL documents to HMRC. Various solutions exist to help you create HMRC compliant documents but which are the best for your business or practice?
CaseWare has a long history with XBRL, having been integrally involved in its development in North America. As a result, CaseWare's XBRL functionality has been tried and tested across the world for the past 7 years. This gives the software an unrivalled position in the UK market in terms of reliability for accounts production and iXBRL compliance. CaseWare UK are members of XBRL UK and CaseWare Accounts Production is HMRC recognised.
What is XBRL?
eXtensible Business Reporting Language (XBRL) is a standard for reporting financial data that uses labels or 'tags' that computers can interpret. iXBRL or 'inline XBRL' is internationally recognised and allows the computer 'tags' to be attached to an electronic file which can be read on screen or in print. This means you can keep your content, style and layout of your accounts and tax reports and HMRC will view your returns exactly as you've submitted them.
Why have HMRC implemented iXBRL?
It's simple; it saves time, it's less labour intensive and HMRC can extract, analyse and manipulate data automatically saving a huge amount of manual reviewing time.
Saying goodbye to Word and Excel
Whilst Word and Excel have been relied on throughout practice and business for many years, the new iXBRL requirements from HMRC have highlighted their limitations when producing final accounts for submission. Not only is tagging time-intensive with so-called off-the-shelf 'drag and tag' software; it's all too easy for mapping inaccuracies to creep in.
Choose Greater Efficiency & Less Time
"We thought the introduction of XBRL would be a disaster however it's been a complete non-issue. CaseWare was one of the only providers to be XBRL compliant, so we were ready. In fact, our readiness has given us distinct competitive edge."
Kelly Whitehouse, Audit Partner, PEM
With CaseWare Accounts Production, whether UKGAAP or IFRS; final accounts and tagging are delivered via an all-in-one solution which is not only quicker but increases accuracy with roll-over features, content and version controls and its wizard-based system with reviews, checklists and milestones; all ensuring quality control.
Thousands of accounts have been submitted to HMRC using CaseWare since April 2011
Find out more about XBRL and iXBRL:
Find out more about CaseWare Accounts Production