HMRC have invested significantly in technology and now require corporate entities to file their annual corporate returns online accompanied by financial statements converted into iXBRL language. This permits HMRC to assess, analyze and collate a substantial amount of data. HMRC provide a taxonomy which is frequently updated for changes in accounting standards and legislation and they are strict in their requirements of its use.
Duff & Phelps has specific software to ensure that your accounts are accurately tagged using the current taxonomy required by HMRC. Additionally, we apply our accounting expertise and understanding of accounting standards to ensure appropriate compliance with HMRC’s requirements.