XBRL 2021 FRC Taxonomies / UKSEF UPDATE

We sent you an update on 15 December 2020 to advise that the XBRL FRC Taxonomies will be updated in 2021 and that we will be making these new taxonomies available for submission from 1 April 2021.

The 2021 taxonomy suite will introduce the new UK Single Electronic Format (UKSEF) taxonomy with the capability to use extensions. This can be used by listed companies to file their consolidated accounts.

Also, as previously advised, Companies House and HMRC will be limiting submissions to the last three available taxonomies (2021,2019,2018) and rejecting submissions using older versions (such as 2014) from 1 July 2021. This means you will need to upgrade your accounts filing packages and products to use the latest three versions of the taxonomy. We will no longer be able to accept submissions using older versions of the taxonomies from 1 July 2021.

Following our update on 15 December 2020, we sent the technical information specification (TIS) to you on 11 January 2021.

New testing service
In order for package developers to prepare for the release of the UKSEF taxonomy and the 2021 taxonomy suite from 1 April 2021, Companies House will be providing access to a testing service in early March to allow you to make sure that your own programmes are working correctly ahead of the implementation date. This testing service will enable you to check that accounts iXBRL is correctly formed, conforms to the new FCA ‘zip’ structures for UKSEF and, if appropriate, issuing new package identifiers to products.

The use of this testing service will need to be booked in advance. You will be able to place a booking from 3 March, and the first slots will be available from 10 March. You must book your slot one week in advance to avoid conflicts and to make sure that the testing service is available.

Additional testing services will be made available in the future.

Further guidance
We are already in touch with many of you about these changes. Please contact me (snicholas@companieshouse.gov.uk) if you would like to use the testing service, or if you need further guidance from us.