iXBRL Services

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As you may be aware, since 1 April 2011, it is a legal requirement for all companies to submit their tax return online with the accompanying statutory financial statements and tax computations in a new format called, inline eXtensible Business Reporting Language (“iXBRL”). Please note that at this time, there is no requirement for LLPs to have their information in iXBRL yet.

iXBRL is a globally accepted standard (language) for describing financial information held in documents using uniquely defined tags, which makes it easier for computer software to automatically communicate, exchange, read, process and analyse financial information as data. Consequently, it will allow HMRC to interrogate the data held in the financial statements and tax computations electronically.

We aim to remove the additional burden of this from you by managing the iXBRL tagging process for you.

Detailed below is an outline of the scope of our services, the process involved and the terms under which we would provide the iXBRL tagging of the statutory financial statements.

There are a number of providers that specialise in iXBRL tagging and together with the volume of business they undertake in this respect, they are able to deliver these services with greater accuracy, speed and at a low cost. In order to facilitate an efficient tagging process, we have partnered with one such provider 1stopXBRL Limited.

1stopXBRL is a UK company whose focus is primarily converting statutory financial statements and tax computations into iXBRL instance documents ready for filing with HMRC. In August 2010, 1stopXBRL became one of the first companies to be officially recognized by HMRC as a provider of Managed Tagging Services and it also holds ISO 9001 and ISO 14001 certification. They were acquired in November 2010 by Diversified Global Graphics Group (DG3), a provider of sophisticated print and graphic communication solutions to corporations and organizations worldwide. DG3 boasts as its clients, 8 out of the top 10 investments banks, such as Goldman Sachs, Deutsche Bank, JP Morgan, Credit Suisse, Morgan Stanley and Barclays Capital. In the US, DG3 provides full service XBRL tagging combined with its composition and EDGAR filing services with the SEC.

In order to control the tagging process we have entered into a contract with 1stopXBRL which includes Confidentiality and UK Data Protection Act clauses. 1stopXBRL and DG3 have established their own secure gateway and workflow system for the transfer of the statutory financial statements.

The tagging process will involve us sending your ‘Word’ or ‘Excel’ statutory financial statements to 1stopXBRL’s office in the Philippines by uploading them through the web onto 1stopXBRL’s secure gateway. Each set of statutory financial statements sent to 1stopXBRL is recorded in their secure gateway with the project name, date sent and is allocated a unique job number. We receive an email from them confirming receipt of the documents sent. We also keep a separate log of the statutory financial statements submitted to 1stopXBRL including the estimated delivery date.

Once tagged, we receive an email for 1stopXBRL informing us that the tagged financial statements are ready to be downloaded from their secure gateway for our review. We will review each tag to ensure it is appropriate to the data item being tagged and should there be any revision required we will upload the financial statements together with our comments back onto their secure gateway. We will only sign off the job when we are satisfied that the data items have been tagged appropriately.

Although the work is performed in the Philippines, our contract is with the UK company and we are in regular contact with 1stopXBRL’s Head of Operations to ensure response times are being managed.

We trust the above gives you a clear indication of the scope of the tagging service and the processes involved. 

Ranjan Kumar
27 April 2012 

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About Throgmorton: Throgmorton is one of the leading companies specialising in the provision of financial and administrative outsourcing to the UK SME financial services sector.

The information in this notice is intended for general guidance only. Throgmorton does not accept any responsibility for losses incurred to any person acting or refraining to act as a result of the information in this notice. Advice should be taken in the context of specific circumstances.

Copyright 2012 Throgmorton UK Limited. All rights reserved. Throgmorton is a trading name of Throgmorton UK Limited a company registered in England and Wales (company no 3853848) having its registered office at 4th Floor, Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS.