Businesses in the UK are required to file their financial data 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.
MTD for VAT
HMRC has taken a major step forward in its ambition with the introduction of Making Tax Digital for VAT. VAT-registered businesses with annual taxable turnover above the £85,000 VAT threshold are now required to use the MTD service to keep records digitally and use software to submit their VAT returns for VAT periods that started on or after 1 April 2019.
DataTracks helps companies and accounting firms convert financial statements and tax computations in iXBRL format enabling them to file Corporation tax, and also file their VAT returns digitally with HMRC.
DataTracks provides software and service for CbC Reporting in XML as per OECD Standards.
Service: DataTracks provides services to multinational enterprises to meet their country-by-country reporting requirements.
Software: DataTracks CbC cloud application helps multinational enterprises to prepare their country-by-country reporting requirements.
DataTracks provides regulatory reporting solutions for the European Union and UK investment firms, banks or insurance companies while understanding the different regulatory reporting needs.
" Fantastic Company "
Datatracks are extremely efficient and provide top level customer service. The company I work for have been using them for a while now and have never been let down. The website is clear to navigate and easy to use. If I ever have any questions or queries I contact their customer service department and am always met by incredibly helpful and knowledgeable staff.
" Quality and timely delivery of service at affordable cost "
We have been engaging DataTracks for our group's XBRL file preparation for the past 4 years. DataTracks offers quality and timely services without fail. Its automated programming software reduces human error and produces quality work. DataTracks improved its services based on our feedback given after yearly review. Data Tracks managed to solve our issues raised and we are pretty satisfied of the improvement done.
" DataTracks a service of excellence "
DataTracks have proven to be professional and timely in the delivery of its solution. Our company chose DataTracks to fully automate its COREP Appendix 2C returns. Within the set project timelines the returns were fully automated with minimal manual intervention where required to populate. The main and most important benefit is that more time can now be allocated to review and reconcile the results rather than compile the returns.