We are a specialist accountancy firm focused on financial reporting and have expert knowledge of IFRS and UK GAAP, which is critical to the success of our iXBRL services.
We provide a highly professional service with a human face, delivered by chartered accountants based in the UK. Our managed tagging service is fully recognised by HMRC.
Managed tagging
The process is both straightforward and comprehensive and can be summarised as follows:
- You finalise and approve your statutory accounts using your normal processes.
- You e-mail us the accounts in Microsoft Office format (word or excel).
- We apply tags in the relevant HMRC taxonomy to the related data and text in your statutory accounts, using our technical knowledge and HMRC-recognised software.
- We perform a 100% check of the accuracy of the tags we have applied to your accounts.
- We test file the resultant iXBRL file through the Government Gateway.
- We send you the following final deliverables:
- iXBRL file for submission to HMRC
- excel report detailing the tags applied to the items in your accounts
The robust nature of this process guarantees that the iXBRL files we produce will be accepted successfully when submitted with your company’s tax return.
The degree of involvement required from your staff will typically be none. In unusual circumstances, we may need to contact you to identify the best tagging options for unusual or unclear items in your accounts, though this will be as simple as a brief phone call or e-mail.
We will not ask you to “sign off” on the accuracy of the tagging in the iXBRL file – our technical expertise and experience enable us to ensure the tagging has been accurately completed.
Our tagging fees are agreed specifically with each client based on their requirements and are influenced by factors such as the advance notice given and the number of sets of accounts you need to convert. Please contact us for a detailed quotation.
We are able to convert even the most complex sets of accounts into iXBRL, including listed company financial statements and specialist industry sectors, and already have experience of doing so.
Other ways we can help
If you are a larger group, you may have decided to conduct iXBRL conversion in-house using existing or temporary additional resources. If so, you will appreciate that managing the quality of that process poses a major challenge.
We can make the critical difference to the outcome of your project by providing services such as:
- Reviewing and checking tagging as an embedded part of your process
- Conducting “audit” checks of tagging on a sample basis
- Test filing of files with HMRC
- Setting up a virtuous cycle, so that improvements to tagging becoming established
Our combined expertise in iXBRL and financial reporting mean we are ideally placed to provide these services, working on-site as a part of your team.
These services are bespoke to each client and the fees can be agreed on a case-by-case basis accordingly.
It is also possible to take a blended approach whereby, for example, you deal with the more straightforward companies in-house and we tag the complex entities and also conduct some review and checking processes.
To discuss your requirements with us confidentially, contact us on 07789 642457 or email us here.