HM Revenue & Customs Receives First XBRL Tax Filings.OXFORD, England -- HM Revenue & Customs ("HMRC HMRC Her Majesty's Revenue and Customs (UK) HMRC Health Management Research Center (University of Michigan) HMRC Helicopter Multi-Role Computer HMRC Hierarchical Maximal Ratio Combining ") this month became the second UK Government agency to have received company tax filings using the new XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. electronic reporting standard. The announcement that HMRC has received corporation tax submissions using XBRL, the international standard for describing business and financial data, follows the successful launch of the XBRL-based electronic filing service for annual returns at Companies House earlier this year. The HMRC service incorporates tax computations which are formatted in XBRL and automatically validated, upon receipt, against HMRC's computations taxonomy, ensuring the accuracy and comparability of information used by companies to carry out their tax calculations. The validation is carried out by DecisionSoft's True North, the world's most widely used XBRL processor. DecisionSoft also developed the XBRL taxonomy and the XML schemas This is a list of XML schemas in use on the Internet sorted by purpose. XML schemas can be used to create XML documents for a wide range of purposes such as syndication, general exchange, and storage of data in a standard format. Bookmarks
The receipt of the first XBRL corporation tax filings by HMRC follows the recommendation of Lord Carter of Coles, leading the review of HMRC's online services, that online tax filings should be extended to cover all UK companies. HMRC has announced their intention of moving to mandatory online filing of corporation tax by 2010. About XBRL XBRL is a freely licensed, open XML See Office Open XML. standard, used for the electronic communication of business and financial data between companies, regulators and investors. The XBRL standard is managed by a not-for-profit international consortium of around 480 companies, organisations and government agencies. The XBRL standard allows agreed concepts, such as UK GAAP or IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System accounting standards, to be defined and exchanged between compliant systems. XBRL is being used for the corporate financial data submitted to a growing number of regulatory filing programmes around the world, including the Securities and Exchange Commission and the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. in the US. About HM Revenue & Customs HM Revenue & Customs is responsible, under the overall direction of UK Treasury ministers, for the efficient administration of income tax, tax credits, corporation tax, capital gains tax, petroleum revenue tax, inheritance tax inheritance tax, assessment made on the portion of an estate received by an individual; it differs from an estate tax, which is a tax levied on an entire estate before it is distributed to individuals. , national insurance contributions, stamp duties, VAT and customs duties Tariffs or taxes payable on merchandise imported or exported from one country to another. Customs laws seek to equalize the charges imposed by other countries, furnish income for the federal government, and preserve the financial stability of domestic industries. . It has taken the lead in the Government's initiative to provide all UK citizens with "joined-up" internet access to all Government services. Web: www.hmrc.gov.uk About DecisionSoft DecisionSoft Limited, founded in 1997, is one of Europe's leading XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. vendors, with a substantial history in the successful design, publication and validation of XML and XBRL for Government departments and Fortune 500 companies. DecisionSoft's True North suite provides enterprise-strength XBRL processing, and is used to support the XBRL-enabled filing programmes run by Companies House and HM Revenue & Customs. The flagship True North validator is used widely throughout the financial reporting industry and by regulators on both sides of the Atlantic. Boasting world-leading XBRL developers, DecisionSoft products are regarded by many as the "gold standard" in this field. DecisionSoft is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Oxford, England. Web: www.decisionsoft.com |
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