HM Revenue & Customs require online submission of company tax returns, together with supporting accounts and computations, using the Inline eXtensible Business Reporting Language (iXBRL).
Tagging is the process by which financial data (the numbers contained in the accounts) are labelled in a format that computer programmes can interpret. Tax Advisory Partnership is able to deal with this tagging and online submission process for individual companies and groups, even though we may have had no involvement in the accounting and company tax returns process.
Of course, we do provide a full tax advisory and compliance service for many of our clients but increasingly we are finding that large companies and groups are turning away from their Big 4 or other larger tax advisors and using our services in this area, at significantly reduced fee rates.
The tagging process is mechanical, in the sense that tagging should result in only one outcome regardless of who undertakes that work. However, online filing is not without risk now that HMRC are scrutinising tagged accounts and applying automated rule testing across sectors, in order to identify incomplete tagging and unusual results. There are non-tax firms that do provide tagging services for online iXBRL submission but those services are often provided without responsibility.
As a specialist tax advisory firm, whose Partners and Staff have Big 4 and Top 10 tax and accountancy firm backgrounds and considerable experience, Tax Advisory Partnership understands the importance of accurate tagging and online submission. We are well used to dealing with the very largest firms of accountants and auditors both for our clients who use our services as retained tax consultants and those who use us solely for tagging and online submission.
We are always happy to provide individual fee quotes and further savings can be made where large corporate groups are filing their individual company accounts at the same time. However, based on our experience to date, when compared to the levels of fees being charged by the Big 4 and others, savings of up to 50% are not uncommon and this can translate into many thousands of pounds of costs saved.
For further information about our tagging and online submission services or for a fee quote without obligation please contact the team by completing the form below.
Corporate iXBRL Team
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Excellent quality of work and very responsive to our demands
Exceptional service and patience! We really value the effort and support they have given us as a new start up.
Good advice about the closure of a ltd company, options have been explained in an understandable manner.
I needed some specialist tax advice in respect of a complicated capital reduction demerger, a partial buyout of my company. Without specialist advice the tax hit was going to be huge.
TAP Advisory were recommended to me by my accountant, and my solicitor was also very complimentary about TAP when they found out we would be working with them. Tap's reputation preceded them.
The fees TAP charged were reasonable in my eyes, and small in comparison to the money they saved me, I was VERY grateful for the advice and guidance.
TAP were great to deal with throughout, they kept me in the loop in laymans terms and liaised well with the other professionals looking after my interests.
I could not recommend them enough in respect of their extensive knowledge and experience.
In our company we see our TAP contact very much as one of our team. For example we see him as more of a part time employee than a service provider. To this extent he has always acted into his manner available whenever we need him and on demand. I have never thought of TAP as having other clients (even though I know they have), because the client servicing is amazing.
Personable, communicative and responsive
Very clear and concise in explaining tax matters.
Excellent quality of work and very responsive to our demands
Exceptional service and patience! We really value the effort and support they have given us as a new start up.
Good advice about the closure of a ltd company, options have been explained in an understandable manner.
I needed some specialist tax advice in respect of a complicated capital reduction demerger, a partial buyout of my company. Without specialist advice the tax hit was going to be huge.
TAP Advisory were recommended to me by my accountant, and my solicitor was also very complimentary about TAP when they found out we would be working with them. Tap's reputation preceded them.
The fees TAP charged were reasonable in my eyes, and small in comparison to the money they saved me, I was VERY grateful for the advice and guidance.
TAP were great to deal with throughout, they kept me in the loop in laymans terms and liaised well with the other professionals looking after my interests.
I could not recommend them enough in respect of their extensive knowledge and experience.
In our company we see our TAP contact very much as one of our team. For example we see him as more of a part time employee than a service provider. To this extent he has always acted into his manner available whenever we need him and on demand. I have never thought of TAP as having other clients (even though I know they have), because the client servicing is amazing.
Personable, communicative and responsive
Very clear and concise in explaining tax matters.
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