How Can Account Tagging In iXBRL Help You to Get HMRC's Success Certificate?
Ever since the rule of making iXBRL tagging in 2013 was implemented in the UK by HMRC, tagging accounts of all your company's financial statements has become very important. If you are thinking of doing it on your own, it will result in many errors which can be solved only by the professionals.
Thus, you need to get the best in the business for your firm to get the success certificate from HMRC. Let us see what all the professionals do to get these certifications:
Mere account tagging:
When we talk about tagging, only account tagging can be more effective rather than adding CT return test. This may increase the accuracy and the errors are deleted. This is the reason why most of the leading companies providing COREP reporting goes for account tagging alone to present the reports perfectly. If you approach the firm similar process will be carried out for your financial statements.
Test In Live (TIL):
This is the second step taken by the firms offering document conversions service and COREP reporting. All the documents are tagged and sent to test in live where the servers of the company read them to send it to HMRC's server. In this process, all the documents and financial statements are converted so that it can be read by both computer and humans.
Live server test:
After the document tagging and TIL is done, the final step is to send the iXBRL converted files to HMRC's server. The converted files which have already cleared TIL will now go through the test of live server. Very few companies in the UK give complete assurance of zero percent error for the final reports. If there is no error at the end of the testing, you will be given a success certificate from the revenue department.
In case, if there is any error the above is repeated again till the error is removed.
If your company is in LCD (Large Cases Division) category, you must hire a professional to make your financial statements converted now!