CbCR
The BEPS (Base Erosion and Profit Shifting) Action Plan 13 describes the Country-by-Country Reporting (CbCR) framework and template for Multinational Enterprises (MNEs) in order to share the information with the tax authorities of all the countries in which they have their tax presence. MNEs having annual turnover more than 750 Million Euros (or equivalent in other currencies as specified by the respective countries’ tax regulators) are required to file their reports to their regulator in XML format.
MTD for VAT
HMRC has taken a major step forward in its ambition to become one of the most digitally advanced tax administrations in the world with the introduction of Making Tax Digital for VAT. Initially VAT-registered businesses with annual taxable turnover above the £85,000 VAT threshold were required to submit their VAT returns through for VAT periods starting on or after 1 April 2019. MTD is extended to smaller VAT filers for VAT periods starting on or after 1 April 2021.
The compliance deadlines for VAT registered business are:
- April 2019 for VAT registered businesses with annual taxable turnover more than £85,000
- April 2021 for other VAT registered businesses
MTD Timeline
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March 2015
HMRC announced its vision of MTD
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August 2016
HMRC lanunched consultations on MTD
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July 2017
MTD for Businesses re-introduced with new timetable for implementation
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July 2018
HMRC closed beta trial commences
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April 2019
HMRC mandated VAT registered businesses above the annual threshold (£85k) to submit in MTD route
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April 2021
HMRC may mandate for all other VAT registered businesses and for other taxes such as Corporation tax
iXBRL Tagging for CT600 Filing
Businesses in the UK are required to file their financial statements in Inline XBRL (iXBRL) format with HMRC, as per the guidelines set by the regulator. HMRC has mandated that all tax returns and financial statements need to be submitted in iXBRL format for accounting periods ending after March 2010 and accounts filed after March 2011.
CT600 FILING
A CT600 refers to a company’s corporation tax return. When the ‘notice to deliver a Company Tax Return’ from HMRC is received, the company is required to file their tax returns to HMRC online. This includes a wide range of information along with the CT600 form. It is mandatory to submit the company’s computations and accounts to HMRC in iXBRL format.
Cloud Solutions for EBA, ESMA and EIOPA
Listed companies, Investment firms, Banks, Insurance and Reinsurance companies in the European Union have to submit regulatory reports as mandated by directives of ESMA, EIOPA and EBA. DataTracks provides solutions to help comply with the requirements of various local and apex regulators across the EU.
Why DataTracks?
With more than 200,000 compliance reports prepared and with footprints across the globe, DataTracks has become the lingua franca in compliance reporting.
- Honed by an experience of preparing more than 200,000 iXBRL files globally
- Pre-validation with HMRC gateway for submission
- Any number of revisions at no additional cost till successful filing with HMRC
- We have been handling sensitive financial data (in regulatory filings) for more than 16+ years. We host our website (that receives inputs and returns outputs) and store all data in a high quality and well-protected Data Centre in the UK. Data is securely accessed for iXBRL preparation, from our delivery centres that are certified for ISO 27001:2013 information security standards.
- Your data is secure and is protected against intrusion and is backed up on a regular basis. We access your data in a safe way.
- Our delivery centres worldwide are secure environments. The delivery centres we use are ISO 27001:2013 certified for information security management. Entry to our secure iXBRL delivery centres is restricted to authorised staff alone. All entries/exits are controlled, monitored and recorded. Our delivery centre networks are ring-fenced by firewalls that control access, protect our databases, detect intrusion and provide logical security. We use open standard encryption for better protection.
- We have successfully been assessed for SSAE18.
- Easy to use portal
- Competitive prices and desired TAT
- Single point account manager
- Support till you file your tax return
We have expertise in accounting taxonomies based on UK GAAP, IFRS, New UK GAAP (FRS 101, 102), Irish GAAP, US GAAP, Singapore FRS, India GAAP and India AS. We use our proprietary iXBRL tagging software developed in-house to prepare iXBRL instance documents. We keep the tagging engine updated with changes in taxonomies.
- First managed tagging service provider to be recognised by HMRC
- Servicing top public accounting firms in the UK
- 16+ years track record and prepared over 200,000 compliance reports
- Serving over 19,900+ clients
