Magnify – Help with HMRC filing

Magnify® – Help with HMRC filing

The need for quality and accuracy

The Accounts and Computations that accompany the CT600 form during HMRC Corporation Tax filing must be submitted in iXBRL format. No matter whether you create your accounts in-house, use an accounts preparation package or outsource the process to a third party, the quality of your iXBRL documents is vitally important to prevent your filings being misinterpreted or rejected at the HMRC gateway.

The transitional ‘soft landing’ period, initially granted by HMRC to allow preparers to become familiar with the filing process, has now expired, placing even greater emphasis on the quality and accuracy of the data reported. In a statement issued in May 2012 HMRC hinted strongly that tagging quality will be scrutinised more closely and that it will use the XBRL tags more widely for risk assessment and compliance purposes.

Magnify can help you to avoid unwarranted investigation by the tax inspectorate. It provides a straightforward way to review your iXBRL documents, highlighting any discrepancies. Prudent companies will reap considerable benefit and peace of mind from a Magnify review.

In depth review of iXBRL documents

Magnify guides you through an extensive review of your iXBRL documents to make sure they accurately reflect your data disclosures before filing. As well as checking calculations and validating the underlying XBRL and iXBRL, it provides comprehensive data analysis, helpful document comparisons and powerful customised reporting.

The content of your iXBRL accounts drafts can be browsed and compared, either in document order or side by side, highlighting where changes have occurred. Data can be compared over different periods and you can review your own data against the iXBRL filings of your peer group.

Magnify lets you create powerful, customised reports that can be viewed either within Magnify or exported to a spreadsheet for further review or for forwarding to others. Once created, the report can be re-run for any selected filing, so you don’t have to start again from scratch. This will save you a considerable amount of time.

Download the Magnify HMRC product overview to understand how Magnify can help check your HMRC filings.