Who does iXBRL apply to?
Filing of financial statements in iXBRL format is mandatory for all corporation tax payers with the exception of companies who meet all three of the following criteria:
• balance sheet total ≤ €4.4m;
• annual turnover ≤ €8.8m annually; and
• average number of employees ≤ 50.
“HMRC and Irish Revenue require businesses to digitally tag their financial statements using Inline Extensible Business Reporting Language (iXBRL), enabling the data within them to be both human and machine readable. The digitally tagged financial statements must then be filed with a business’ annual tax return.”
It also includes these 3 sub-questions — add them too:
- Does it affect me? — If your business is required to submit a corporation tax return in the UK or Ireland, you will be required to digitally tag your financial statements using iXBRL.
- What do I need to do? — Typically, your iXBRL compliant financial statement must be submitted within 12 months of your year end with your corporation tax return.
- What’s the deadline? — If your business needs to file a corporation tax return in the UK or Republic of Ireland, in most cases you’re required to submit your iXBRL tagged financial statements at the time of submitting your corporation tax return.
Get iXBRL tagging sorted
How does our iXBRL tagging service work?
The scope, cost and timeline of our service will be agreed at the outset and outlined in a signed engagement letter. The financial statements and/or corporation tax returns will be tagged by our specialist iXBRL team. An initial and final independent quality review will be completed by our management team prior to delivering the tagged documents.
How much does iXBRL tagging cost?
The cost of the iXBRL tagging service is dependent upon the volume and size of financial statements and/or tax returns to be tagged. We offer volume discounts for tagging multiple sets of company financial statements.
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“The team at Callout Accountants truly understands the challenges of startups. Their personalized service and efficient processes helped us grow while staying compliant. Highly recommend!”
“We’ve worked with Callout Accountants for years. Their deep understanding of nonprofit accounting and tax laws has been invaluable in streamlining our financial operations.”
F.A.Q.
Frequently Asked Questions
What is iXBRL?
iXBRL is a format required by Revenue for submitting financial statements along with Corporation Tax returns. We ensure your compliance with this requirement.
How do you help with payroll processing?
We manage payroll processing, ensuring accurate calculations, timely PAYE remittances, and compliance with the Revenue’s Real-Time Reporting System.
Can you help with tax planning?
Yes! Our experts provide proactive tax planning to minimize liabilities and align your financial structure with your business goals.
What accounting software do you use?
We use leading accounting software like Xero, QuickBooks, and Surf Accounts to ensure your records are accurate and up-to-date.
Do you assist with company formation?
Absolutely! We offer comprehensive company formation services, including registration with the CRO, VAT/PAYE setup, and strategic advice.
What is the process for getting started?
Simply contact us, and we’ll schedule a consultation to discuss your needs. We’ll tailor a solution for your business.
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