DataTracks UK (www.datatracks.co.uk),a leading provider of iXBRL managed tagging services in the United Kingdom, has announced its plan to extend its services to meet Companies House iXBRL requirements. DataTracks UK has been helping companies and accounting firms to convert their financial statements into iXBRL format for filing with HMRC.
Companies House and HMRC were asked to work together in accepting joint filing. This was one among the recommendations made in Lord Carter’s review of HMRC’s online services in 2006, aimed at reducing reporting administration efforts. HMRC had mandated iXBRL filing from April 2011. Initially Companies House had set the date for mandatory filing for March 2013. Later, it had been decided that the deadline would not be enforced. Mandatory filing of iXBRL statements is likely to happen sometime in 2014. Until then, Companies House accepts voluntary filings from companies.
DataTracks has been providing iXBRL managed tagging services for HMRC filings for more than a year now and has prepared several thousands of statements in iXBRL format. DataTracks has been able to leverage its technology and accounting expertise in the US and UK, to launch this new service.
DataTracks currently offers its services through its web portal (www.datatracks.co.uk) where users can register online, add entities, place orders online, upload files and download output instance documents when ready. Several companies and accounting firms have chosen DataTracks for its simple, effective and easy-to-use online services. DataTracks is one of the earliest providers of iXBRL managed tagging services to receive HMRC recognition for converting financial statements and tax computations to iXBRL format.
“A number of our existing clients are very eager to voluntary file their iXBRL accounts to Companies House. With this new service, companies can prepare well in advance before Companies House iXBRL filing becomes mandatory.” said Sandeep John, Manager, Business Development, DataTracks.