XBRL is the Global standard for business reporting and since 1 April 2011, HM Revenue & Customs have required online submission of Company Tax Returns, together with supporting accounts and computations, using the Inline eXtensible Business Reporting Language (iXBRL). For accounting periods ending on or after 1 April 2014 these requirements have been extended and every company must now submit a fully tagged detailed Profit & Loss account.
Tagging is the process by which financial data (the numbers contained in the accounts) are labelled in a format that computer programmes can interpret. Tax Advisory Partnership is able to deal with this tagging and online submission process for individual companies and groups, even though we may have had no involvement in the accounting and Company Tax Returns process.
Of course, we do provide a full tax advisory and compliance service for many of our clients but increasingly we are finding that large companies and groups are turning away from their Big 4 or other larger tax advisors and using our services in this area, at significantly reduced fee rates.
The tagging process is mechanical, in the sense that tagging should result in only one outcome regardless of who undertakes that work. However, online filing is not without risk now that Her Majesty's Revenue and Customs (HM Revenue and Customs or HMRC) is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support and the administration of other regulatory regimes including the national minimum wage.... are scrutinising tagged accounts and applying automated rule testing across sectors, in order to identify incomplete tagging and unusual results. There are non-tax firms that do provide tagging services for online iXBRL submission but those services are often provided without responsibility.
As a specialist tax advisory firm, whose Partners and Staff have Big 4 and Top 10 tax and accountancy firm backgrounds and considerable experience, Tax Advisory Partnership understands the importance of accurate tagging and online submission. We are well used to dealing with the very largest firms of accountants and auditors both for our clients who use our services as retained tax consultants and those who use us solely for tagging and online submission.
We are always happy to provide individual fee quotes and further savings can be made where large corporate groups are filing their individual company accounts at the same time. However, based on our experience to date, when compared to the levels of fees being charged by the Big 4 and others, savings of up to 50% are not uncommon and this can translate into many thousands of pounds of costs saved.
For further information about our tagging and online submission services or for a fee quote without obligation please call Russ Cahill on 0113 426 9310 or at firstname.lastname@example.org.