iXBRL Software Solutions

"From 1st April 2011, for any accounting period ending after 31st March 2010, all Company Tax Returns must be filed online. As well as this, companies must file accounts and computations in a set format - Inline eXtensible Business Reporting Language (iXBRL) to the HM Revenue & Customs.

Why do we need iXBRL

At present online filing of Corporation Tax is a combination of XML (eXtensible Mark-up Language) and PDF (Portable Document Format). Normally, the tax return (CT600) and supplementary pages are submitted to the HMRC using XML whilst the accounts and the tax computation are attached to the main return as PDF documents. In addition, these attachments contain the information required to interpret the CT600 which only shows summary results and calculations. Whilst most of us can read pdf files, quick computer recognition and interpretation is difficult. The major problem lies in extracting data from the PDF as the information is not sufficiently structured in the underlying code, and each document that the HMRC receives will be different. This has subsequently meant that the HMRC has had to find a solution to extract information without compromising the ability of users to read it either electronically or in its printed form. This is where the new concept iXBRL (Inline Extensible Business Reporting Language) forms a bridge between HTML and XBRL to enable XBRL documents to be read by a tax inspector in a regular web browser.

Software solutions available

Sapphire Systems has teamed up with leading iXBRL software house Arkk Solutions to offer bespoke iXBRL solutions for SunSystems, SAP Business One and SAP Business ByDesign.

iXBRL for SAP Business One and SunSystems is a perfect solution for businesses, with no new hard ware or upgrades required, with Sapphire's solutions all you need is Microsoft Office 2007 or later. The interactive mapping software is downloadable as an Office Add-In and doesn't require a server for installation, as the original Excel or Word File you produce are used to automatically generate iXBRL.

Our software provides a pragmatic solution to a fast approaching deadline.

The benefits of using Sapphire Systems' iXBRL software

Keep your current processes - Lightweight IT solution that allows you to keep your existing processes to produce iXBRL from Microsoft Office alongside your Vision installation.

Zero Security Risk - Our architects have developed a solution that is scalable and secure. None of your data ever appears in our web browsers or on our servers so we never know what your accounts look like before you file them with HMRC. If a colleague needs to check your document, it's easy. They can download the iXBRL Add-In and edit the document. Our flexible approach allows accounts departments to collaborate without complex licensing constraints.

iXBRL complexity hidden from view - It probably isn't your intention to learn the iXBRL language, instead with our software you see Microsoft Office. Document review and validation features ensure compliance from day one.

HMRC Recognised - Arkk were one of the first companies to pass the HMRC's recognition tests for filing iXBRL Accounts converted from Microsoft Office applications

Expertise you can rely on - No IT or Accounts department? Our consultants have gained years of experience working at the "Big 4" specialising in Accounts preparation. Fixed price assignments mean we can work with you to get the work done and train your people for following years. Cost effective maintenance packages ensure that you're always up to date with the latest taxonomies for both HMRC and Companies House filing. Our Support Services ensure that help is available at your year end. Flexible support packages allow you to choose when extra support is important to you.

Return On Investment - iXBRL files are reusable for opportunities beyond the HMRC compliance deadline. Publish the iXBRL on your website for analysts to view, or consolidate all of your group's files into a central business intelligence database. Because Inline Extensible Business Reporting Language (iXBRL) is a common reporting language, the opportunities for reuse will save you time and effort in years to come.

XBRL - Where did it come from?

Whilst the UK Government is in the final process of its plans to implement iXBRL filing of Company Accounts in 2011, the US SEC has imposed mandatory filing in XBRL on about 500 companies. It has been adopted by over 20 countries worldwide as the standard for the exchange of financial reporting information, yet the UK is the first country to have the Inline (the i in iXBRL) flavour of XBRL.

For more information, please contact us.