Ez-XBRL Solutions Recognized By UK HMRC For Inline XBRL

Ez-XBRL Solutions Recognized By UK HMRC For Inline XBRL

By admin 2 October, 2010

WASHINGTON, DC – October 20, 2010 – Ez-XBRL Solutions, LLC, a full service, global XBRL data conversion and analytics solutions provider, announced today that Her Majesty’s Revenue and Customs (HMRC), the tax authority in the United Kingdom, has officially recognized the company’s Ez-iXBRL as a compliant software solution to prepare Inline XBRL (iXBRL) company tax filing solutions. Ez-iXBRL was recognized after HMRC conducted rigorous testing on both the software and iXBRL output files. HMRC has recognized the solutions in two categories that relate to the company’s Ez-iXBRL product offering as well as its end-to-end managed tagging services.

UK HMRC requires all UK-based companies, including listed companies, SMEs and foreign subsidiaries operating in the UK, to file their Company Tax Returns (including annual accounts and computations) in iXBRL format with the tax authority. The requirements to file in iXBRL are effective for returns filed after April 1, 2011 for accounting periods ended on or after April 1, 2010. Companies must also make corporation tax payments electronically from April 1, 2011 onward.

“Ez-XBRL Solutions is proud to be among a select few solution providers to be recognized by UK HMRC to help UK companies meet the iXBRL regulatory filing requirements,” said Aneet Kumar, President of Ez-XBRL Solutions, LLC. “Ez-iXBRL is an integrated XBRL data conversion platform in which companies can map, tag, validate and output iXBRL and XHTML files that are HMRC-compliant documents easily and seamlessly. We reduce the burden on companies to output their iXBRL files through an intuitive, easy-to-use interface that also allows them to submit their electronic iXBRL files and CT-600 forms directly to HMRC through Ez-iXBRL. Our dedicated quality control and service support teams help companies through the filing process – we’re there to hold their hands through a sometimes overwhelming series of steps.”

Companies House jointly announced with HMRC in September 2009 that it would adopt the same iXBRL format for online submission of accounts. This means that the statutory accounts that must be prepared for company shareholders and that are also sent to HMRC as part of the Company Tax Return will also be accepted by Companies House online. Although Companies House has not yet mandated iXBRL format for such filings, it is currently accepting them on a voluntary basis.

“Ez-iXBRL is built on the same well-known XBRL standard as our flagship product, Ez-XBRL,” added Kumar. “This means that within the same Ez-XBRL platform, a user can uniquely output XBRL-tagged files to meet any of the current XBRL needs around the world, whether for the HMRC requirement or Companies House needs in the UK, the SEC requirements for US GAAP financials and detailed footnotes or mutual fund risk/return filings in the US, and others. Our principals are experts in parsing both structured and unstructured data into XML and XBRL formats, so it was a logical step for us to build a platform that gives our clients maximum flexibility in using one tool to meet multiple XBRL filing needs – no matter which XBRL taxonomy was required.”

Ez-iXBRL supports the complete set of iXBRL requirements as mandated by HMRC. It supports UK-GAAP, UK-IFRS and Computations taxonomies. “Our user-friendly method for mapping and tagging documents in multiple formats such as PDF, Word, Excel and HTML generates final instance documents that comply with the iXBRL specification as well with HMRC’s style guide and encoding standards,” added Kumar.