HMRC closes iXBRL loophole
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Francois is a writer, editor and broadcaster specialising in business.
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That presumably goes to show who little of this tagged data is actually used by HMRC if they simply haven't cared for 6 years about the data submitted.
Well worthwhile spending the time and effort getting it right out end then....
So presumably what this means is that there will be a new minimum requirement for tagging with a lot more tags required. Any idea what this minimum standard might be or will it be decided arbitrarily by HMRC as and when they feel like it?
There has been a minimum tagging list for many years. PDF files were never tagged, so there is no change.
Does this mean that the exemption for small charitable companies to file in PDF as opposed to iXBRL is no longer an option?
The biggest joke of all, actually, is HMRC flying in the face of a global de facto standard and demanding iXBRL instead of XBRL.
What's the difference?
XBRL (Extensible Business Reporting Language) was created in order disparate data sets from businesses reporting numeric data could enjoy a common platform.
iXBRL, however, can be read in plain English!
HMRC: Haven't Much of a Real Clue!
What drivel.
iXBRL is an extension to the XBRL standard that provides for the tagged XBRL to be embedded in a human-readable HTML document, thus addressing the biggest problem with XBRL - that in its raw form it is largely meaningless to a human reader.
A simple tool can generate an XBRL document from an iXBRL document (HMRC will no doubt do this automatically during processing) and using iXBRL avoids having to submit 2 files to HMRC and Companies House (XBRL for reading by computers and PDF for reading by humans).
So if we have to have XBRL, it is far easier for everyone if it is iXBRL rather than raw XBRL.
Thanks for the warning. Is there a link to an HMRC statement of some kind please?
Do we know whether this will affect companies at the end of their lives? HMRC allowed paper filing etc. for the sake of expediency.
The change was annouced in Agent Update no. 62, which hasn't yet been indexed on the Agent Update page , but can be accessed here:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...
Agents should also be receiving letters about this if their clients are affected.
iXBRL is the second cousin of XML. Recently, JSON has taken over the spot light. Even the HMRC's API use JSON. XML is a terrible, and non readable format, while JSON is light-weight, and both human and machine friendly and readable option.
No need to do anything with the iXBRL or MHTML, as its already done, your just changing the figures.
First you need to prepare the template.
1. Download any set of accounts that is already in the iXBRL format.
2. Parse the file to change the figures/text that needs to change, and replace them with Tags of your own.
Then this template can be used over and over again, just by parsing the file and replacing your tags with the figures from the bs and p&l.
e.g. parse any file downloaded that is already in iXBRL format
span>
1,514,354
only the figure 1,514,354 needs to be repalced, the rest of the formatting remains untouched. thus is replaced by
span>
#TAG FIXED ASSETS#
now you have your template... you just need to replace your tag #TAX FIXED ASSETS# with the figure from Excel the set of accounts to be filed.
Its a couple of hours to prepare the template.