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IXBRL, what does it change for me?

Hi,

I have been trawling the web for answers but I am still a bit in the dark on IXBRL.

I have a limited company that doesn't have a lot of activity at all, just some very simple income and costs is all what's in the accounts.

Every year I do the webfiling and I submit a paper version of my accounts to HMRC.

Now the new IXBRL thing comes in and:  http://www.hmrc.gov.uk/ct/ct-online/file-return/xbrl-guide.pdf  this guide is not very clear in my opinion.

Can somebody maybe explain in bulletpoints:

- If I can use the free software by HMRC to file accounts?
- Is there any reason for me to buy any software to be compliant with the iXBRL  standard?

Thanks,

Andries

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By ChrisDL
06th Oct 2011 09:21

Possibly

If your company falls within the FRSSE then very possibly the HMRC software will work for you.There are a number of exclusions (when I last looked at it, it couldn't handle companies which were parents or subsidiaries for example)

If you meet the criteria there will be no need for you to buy any other software.

HMRC's software is an editable pdf which you enter details from your accounts and tax computations and can be used to:

- electronically file the accounts, computation and return with HMRC

- electronically file the accounts with Companies House

It does work, and if your accounts are as simple as you say then it should not be too much of a burden - all you have to do is to type the figures that you already have into the boxes.

Hope this helps

Chris

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06th Oct 2011 11:40

HMRC software or VT

If your company affairs are simple you may use HMRC's free software but the only paid is having to fill the template with notes and figures etc.  However, if you buy/use application like VT, it can generate IXBRL file for you in less than 5 minutes and file it straight-away.

If none of the above works for you, then provide your tb, I can convert it into IXBRL file for a small fee. 

Gladstone

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By DMGbus
06th Oct 2011 15:44

Beware TWO lots of software costs!

Some so-called iXBRL solutions actually involve paying for TWO lots of software fees - one for the accounts side and one for the CT600 part., so TWO lots of costs and learning curve / hassle to learn how to use (some software packages are rubbish in that they are unintuitive and a lot is left to trial and error / need to keep 'phoning support, plus incorrect default content / wording in accounts is a further issue to be encountered).

Therefore best to try and use HMRC's online .pdf if your company meets the criteria (one exclusion is rental income for example).  Yes, the HMRC online .pdf is an imperfect product but at least you don't have to pay £50 to £100 (or whatever) per company unit cost to use it.

 

 

 

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07th Oct 2011 15:53

ixbrl

Can only confirm what has been said above really, if you only have a handful of companies the HMRC one is adequate. There is obviously some duplication of effort as you are re entering figures but that needs to be weighed up with the learning curve/cost of software.

If you take on a lot more limited companies then software is something you should think about.

 

Neil Douglas

Eureka Software

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