Companies House and HMRC are having a busy year implementing several changes. HMRC notified tax payers about withdrawing its free CT600 and restricting access of their new online filing system CATO to unrepresented companies. HMRC also notified that support for old taxonomies UK GAAP and IFRS will be withdrawn by the last quarter of 2016.

Companies registered for Corporation Tax must file the CT1 Corporation Tax return form on an annual basis. Companies are also required to file their financial statements in iXBRL format through Revenue’s Online Services (ROS).

DataTracks offer a fully assisted outsourced service for iXBRL conversion of financial statements. With more than 35,000 iXBRL statements prepared, our solution is sought after for its easy and user-friendly interface, quick turnaround time, customized packages to suit organizational needs, single-point account manager liaison and unparalleled customer support right through to successful filing with the HMRC/Revenue.

The United Kingdom is one of the countries that has chosen an interactive data (XBRL/iXBRL) platform for collection of company data. Companies House, which is the corporate regulator in the UK, was planning for mandatory XBRL collection of Annual Reports from companies. Somewhere down the line the mandate did not happen as scheduled.

The 28th Annual XBRL International Conference concluded yesterday in Copenhagen, Denmark. As a meeting ground for the various stakeholders that make up the XBRL – and, in fact, more broadly, the Open and Standard Data – ecosystem, the conference was a huge success.

The job of a CFO is to make sure the company is still around in 10 years time.” No other phrase better sums up the role of a CFO and just how crucial that role is in any organisation.