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HMRC opens pilot for MTD VAT filers

The tax authority HM Revenue & Customs (HMRC) has invited more than half a million businesses to test Making Tax Digital (MTD) for VAT moving forward to the digitisation of tax which will be effective from April 2019. HMRC has released a new statement on 16th Oct 2018 relating to MTD for VAT filers. In […]

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It’s time to get ready for Making Tax Digital

Originally announced back in 2015, Making Tax Digital aims to digitise the UK’s taxation system through the use of digital records and online filing through compatible software. With just months to go before the launch of Making Tax Digital for VAT, find out if your business is prepared. When will MTD launch? Making Tax Digital […]

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Who Could Use CATO to File Their Returns with HMRC in the UK?

In the ideal world, it wouldn’t cost businesses any money to file their annual tax returns and accounts with HMRC and Companies House, respectively. Luckily, for some companies, this dream is a reality thanks to the Company Accounts and Tax Online (CATO) service, when most of the companies choose to work with a software vendor. […]

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The advantages of XBRL

XBRL, also known as eXtensible Business Reporting Language, is an open standard reporting language that was introduced with the intention of improving the quality of financial data reporting. It is a form of extensible markup language (XML) that is used across the globe today, and millions of XBRL documents are created each year. As a […]

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The Benefits of Uniform Entity Identification

In September 2018, a joint report was issued by the Global Legal Entity Identifier Foundation (GLEIF) and the Data Foundation. Among other things, the report considered how Legal Entity Identifier (LEI) adoption across US federal agencies “could streamline entity identification and produce benefits within and beyond financial markets.” One of the key issues mentioned in […]

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Making Tax Digital and the Agent Services Account

There has been a lot of focus on how individuals and businesses can get ready for Making Tax Digital, but how do agents get involved in the process? What is an agent services account? If tax agents wish to access certain HMRC online services on behalf of their clients, such as the Making Tax Digital […]

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The Federal Data Strategy: An Overview

The digital age is no longer a futuristic world, nor is it considered to have reached its tipping point. In fact, it is the contrast and its expansion and evolution will indeed continue to gain pace. As a result of this momentum, it is expected that good data management will then become increasingly essential. This […]

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Missed your Corporation Tax filing deadline with HMRC? You can still avoid late filing penalties

Have you been issued a penalty notice from HMRC for not filing your corporate tax returns? Worry not. You may still be exempt from late filing penalties if you are victim to a valid, excusable reason. In the UK, companies have to file their corporate tax returns in iXBRL format within 12 months after the […]

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The European Single Electronic Format (ESEF) – What You Should Know

From 1 January 2020, issuers with listed securities in EU regulated markets will be required to prepare annual financial reports (AFRs) in line with the European Single Electronic Format (ESEF). These changes will impact thousands of companies across the EU and have the potential to change the reporting landscape in Europe. What’s required under the […]

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XBRL awareness required: Does your company need to file AFS in iXBRL with CIPC?

From 1 July 2018, CIPC (Companies and Intellectual Property Commission) mandated that all qualifying entities in South Africa must submit their Annual Financial Statements (AFS) in iXBRL with their annual returns. Yet, many companies are still unaware of the mandate. Inline XBRL or iXBRL, which can be read by both machines and humans, is an […]

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Recent Posts

  • 17 Dec
    What You Need to Know About iXBRL Tagging
    Her Majesty’s Revenue and Customs (HMRC) is just one body across the world that requires companies to file their corporation tax returns and accounts in iXBRL format. This requirement ...
  • 14 Dec
    Filing Your CT600 – An Overview
    If your business is set up as a company in the United Kingdom then you will more than likely have to file a corporation tax return – known as a CT600 – to HMRC. What is a ...