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IRIS Business Tax includes functionality for a new enhanced iXBRL (Inline eXtensible Business Reporting Language) corporation tax computation that can be filed online to HMRC as part of the corporation tax return submission.
Corporation Tax Returns must be submitted online on and after the 01/04/2011, and the accounts and computation submitted must be in iXBRL format if the accounting period being submitted ends on or after the 01/04/2010. For more information on iXBRL and IRIS, please visit our website by clicking here.
There is further information on changes to online filing on the HMRC website here.
IRIS Business Tax generates the iXBRL computation with the majority
mandatory tags required without any further details being required. There
are a few areas that have been updated to allow the relevant information
to be tagged in the computation. Details of the changes for the iXBRL
computation are as follows:
The posting screen has been updated and now requires users to select an expense or income category when making a posting to the following screens;
Disallowed expense accounts
Trade income disallowed
Trade expenses disallowed
Trading expenses allowable
This additional information is required so that the program can tag
the amount shown in the Trading Profit Calculation on the enhanced tax
computation with the relevant tag as selected. The category must be selected
for any postings made in this screen now - for example if an adjustment
needs to be made for legal costs that must be disallowed from the trading
income in the computation, the expense category 'Accountancy, legal and
professional fees' must now be selected from the drop-down list.
The Business Tax Accounts screen has been updated so that users can
select the relevant expense or income category from the drop-down list
of available categories. Users that have customised the Business Tax Accounts
in the Edit | Business Tax Accounts
screen for a client or globally in the Setup
| Business Tax Accounts screen must ensure any items in the Global Disallowed Trading Expense
or Global Disallowed Trading Income
has relevant expense or income categories selected. This will ensure any
accounts postings automatically disallowed in the enhanced iXBRL tax computation
will be assigned with the relevant tag as selected.
A new enhanced iXBRL compliant Corporation Tax Computation has been added to IRIS Business Tax in the Reports / Corporation Tax / Enhanced menu. An option for the Basic corporation tax computation can also be generated but this is not iXBRL compliant.
When the enhanced computation option is selected, users will be provided
with a new report output option labelled 'iXBRL' that allows an iXBRL
version of the enhanced computation to be generated to a folder specified
in the Details screen.
The Reports / Electronic Tax Return
screen been updated to allow users to attach iXBRL accounts and computations.
The 'Select External File' and 'Select from Communication Tracking' options
now allows iXBRL documents to be attached to the electronic return. The
program will validate that the required elements in the iXBRL document
match those of the client that the return is being submitted.
The following items must match the clients details:
Accounts iXBRL documents - Company Name, Company Registration Number and Accounting Period dates.
Computation iXBRL documents - Unique Tax Reference (UTR), Accounting Period end date.
When the 'Generate Now' option is used to generate a corporation tax
computation, the program will automatically generate and attach the enhanced
iXBRL Tax Computation to the submission when required.
Users with a IRIS Practice Management licence will now be able to log the enhanced iXBRL Tax Computation in iXBRL format. By default the program will log the enhanced corporation tax computation in iXBRL format. This setting can be changed by in the IRIS Main Menu | System Maintenance | Practice | Report Logging | Tax - Corporation Tax | Corporation tax computation screen.
The enhanced iXBRL Corporation Tax computation has been updated, so that it will now automatically include multiple trades.
Each trade entity on the report is populated using the trade specific
data that has been included in Business Tax.
These trade specific items include the following.
Select the links below to find out more: