With effect from effective 1 October 2014 all corporate tax payers are required to file iXBRL Financial Statements with their Corporation Tax return forms, other than those meeting all three of the criteria below.
This applies to Corporation Tax returns submitted on or after 1 October 2014 in respect of accounting periods ending on or after 31 December 2013.
To be excluded from the iXBRL filing obligation, corporation tax filers have to meet all three of the following criteria:
• Balance Sheet Total of the company does not exceed €4.4 million;
• Turnover of the company does not exceed €8.8 million; and
• Average number of persons employed by the company does not exceed 50.
At WENTWORTH we provide a complete iXBRL which includes;
• Preparation of iXBRL formatted financial statements
• Tagging of iXBRL financial statements
• Consultation with directors on any contentious tagging decisions
• Revenue submission
This whole process will require minimal input from the directors of the company.