OXFORD, England--(BUSINESS WIRE)--reFiling has announced Magnify,a document review tool for reviewing the quality of iXBRL (Inline eXtensible Business Reporting Language) financial documents that must now aompany online mpany Tax returns.

Since 1^st April 2011, for aounting periods after 31^st March 2010, HM Revenue and Customs (HMRC) has required mpany Tax returns to be filed online, mandating that panies’ aounts and tax putations must be submitted in iXBRL format. reFiling’s Magnify highlights potential filing problems by providing a prehensive review of the iXBRL aounts document. Magnify is a PC-based tool aimed at aountants, not at XBRL experts.

Magnify guides the user through a checklist review process, performing a series of automated tests, verifying calculations and highlighting any discrepancies. It allows parisons to be drawn between draft versions of the document, helping to identify improvements.

reFiling’s Chairman, Philip Allen, said: “We believe that both aountancy firms and rporates will want to ensure that they are submitting fully valid CT returns to avoid stly reworking if their documents are rejected by HMRC. Magnify will give them nfidence that they are submitting quality documents. ”

HMRC expects panies to make a reasonable attempt to file their mpany Tax returns online and to include the relevant iXBRL tags. They have put in place transitional arrangements and published guidance describing what panies need to do to avoid their returns being rejected. Magnify inrporates these rules and will be updated to reflect any future changes, and it ensures that aounts fully nform to the XBRL and iXBRL specifications.

Whether panies create their iXBRL financials with an aounts nversion tool, use an iXBRL-enabled aounts preparation package or outsource the tagging process to a third party, Magnify can be used to check the output before submission.