Why is the service needed?

Since 1 April 2011 H M Revenue & Customs has required all corporation tax returns for years ended after 31 March 2010 to be filed on-line (with a few exceptions). Accounts submitted with the return must be filed on-line using iXBRL (In-line eXtensible Business Reporting Language) as a HTML document.

You may use Microsoft Word to prepare and format your accounts. A manual tagging process then has to be undertaken to apply electronic tags to the Word accounts, which are then saved as a HTML document for submission to H M Revenue & Customs.

This manual tagging process requires knowledge of H M Revenue & Customs 'taxonomies', specialist software and training. Why pay a software license fee and incur time and costs in training when you can sub-contract this specialist work to a bureau?

Francis Clark LLP has a team trained in using iXBRL who can tag your accounts for you.

What service is provided?

• We can provide you with an external tagging resource. You complete the company accounts in Word, and arrange for these to be signed off by you and your auditors.
• You provide us with a copy of the final accounts (in Word), and we apply relevant tags under the H M Revenue & Customs minimum tagging list requirement.
• We return a tagged copy of the accounts to you as a HTML document, ready for submission to H M Revenue & Customs.
• You then submit the accounts to H M Revenue & Customs along with the corporation tax computations and tax return.

Timing

We commit to tag and return tagged accounts to you within one month of receipt.

Further detail will be set out in our engagement terms.

Review process

Having tagged the accounts the tagged document will be reviewed to ensure that sensible tags are applied, and our software checks each iXBRL document to ensure that it passes the H M Revenue & Customs gateway.

You will retain responsibility for the accuracy of the tags applied to the accounts, reflecting your knowledge of your business. We will issue you with a draft of the tagged document and a list of tags applied for you to review and identify any amendments required.

Pricing

Our fees for this work will depend upon the length and complexity of your accounts. We will provide you with a fixed fee quote as part of our engagement process.

Engagement terms

A formal engagement letter will be issued, to be signed and returned before we start any work.

Why use Francis Clark LLP?

• We can provide you with a professional, confidential service that you can trust.
• We will provide you with the support you need.
• We will charge you a fair fee for the work carried out and minimise your time input.
• Our tagging team has the skills and experience to tag your accounts accurately, and promptly, saving you both time and money.
• We will provide you with readable documents to enable you to review the tags we have applied to the accounts.
• You retain control of the filing process.
• You avoid the need to train staff and maintain specialist software to undertake this additional compliance process.

Recognised as a Managed Service Provider by H M Revenue & Customs.

Contacts:

Lewis Banfield		Marie Hawke
Partner, Head of iXBRL Tagging Team		Manager, iXBRL Tagging Team
Tel: 01392 667000		Tel: 01392 667000
Email: lb@francisclark.co.uk		Email: mxh@francisclark.co.uk