XBRL is the data format which all computations and accounts files must be converted into before attaching to the CT600 and submitting. HMRC have introduced this customised data format as it is readable both by the human eye and by computers.
The Ftax CT600 can generate both iXBRL Computation and iXBRL Accounts files:
Ftax iXBRL Computations - the Ftax CT600 form includes Profits and Capital Allowance worksheets to capture computations data. This, along with other data from the tax return, is used to generate the iXBRL Computations file.
Ftax iXBRL Accounts - an ‘Accounts’ section is included at the back of the Ftax CT600 form. This includes 2 accounts templates, micro entities, and small company. Either may be populated and used to generate the iXBRL Accounts file.
Businesses may purchase Ftax Company to generate both iXBRL files and submit to their CT600 tax return to HMRC themselves. Agents may purchase Ftax Agent Company to generate iXBRL files and submit CT600 tax returns to HMRC on behalf of their clients.