What does iXBRL mean?
What does iXBRL mean?
Inline eXtensible Business Reporting Language
iXBRL, or Inline eXtensible Business Reporting Language, is an open standard that enables a single document to provide both human-readable and structured, machine-readable data.
Do charities have to file iXBRL accounts?
Charities with income over £6.5m will need to submit their accounts with their return and computation to HMRC in iXBRL format.
Is XBRL mandatory in the UK?
Legislation, which came into force on 1 January 2010, means that it is compulsory for companies to send their Company Tax Returns online using iXBRL for accounts and computations. Any computations must be in iXBRL format.
Who uses iXBRL?
iXBRL is in use around the world In the UK, over two million companies file iXBRL each year to HMRC, the UK tax authority, and to Companies House, the business registrar.
Is XBRL mandatory?
The following companies are required to file AOC 4 XBRL (extensible business reporting language): All companies listed with any stock exchange in India and their Indian subsidiaries. All companies with a capital of 5 crores or above. All companies with a turnover of 100 crores or more.
Do charities need to submit tax returns?
Charities will be asked to complete a return to show the exemptions they are claiming any whether any corporation tax is due. Most charities are not regularly asked to complete tax returns so this will be a new experience for them.
Do charities have to file tax returns?
Most charitable nonprofits that are recognized as tax-exempt have an obligation to file an annual information return with the IRS. Most small tax-exempt organizations with gross receipts that are normally $50,000 or less must file the IRS form 990-N, known as the “e-postcard”.
Is XBRL required?
On June 28, 2018, the Commission adopted amendments requiring the use of Inline XBRL for operating company financial statement information and fund risk/return summary information.
What companies use XBRL?
Membership List
| Member | Jurisdiction | Country |
|---|---|---|
| Deloitte (US) | XBRL US | United States |
| Deloitte Anjin | XBRL Korea | Korea, Republic of |
| Deloitte Consulting, S.L.U. | XBRL Spain | Spain |
| Deutsche Bundesbank | XBRL Germany | Germany |
Are charities exempt from tax?
Most of the income and gains received by charities are exempt from Income Tax and Corporation Tax provided that the money is used for charitable purposes only.
Do you have to file your tax return in iXBRL format?
In all cases where a Company Tax Return is filed online, the computations must be in iXBRL format. For most companies and organisations, accounts forming part of the return must also be in iXBRL format, but there are exceptions. Where accounts are not filed in iXBRL format, they must be filed as a PDF attachment.
What do non resident companies need to know about XBRL?
Information about non-resident companies that need to file a Company Tax Return to HMRC has been added. Guide amended with XBRL to iXBRL conversion and format information.
Do you have to pay interest on XBRL payments?
Related payments include interest charged on overdue Corporation Tax and penalties for not filing Company Tax Returns on time. Most companies will not have to take special steps to convert accounts or computations into iXBRL themselves.
What do you need to know about the XBRL format?
This document provides an introduction for UK businesses, including non-resident companies which are required to file a Company Tax Return to HMRC, to the eXtensible Business Reporting Language ( XBRL) data format and Inline XBRL ( iXBRL ), the standard form of presentation of business reports tagged in XBRL.