TaxFiler and FRS

TaxFiler and FRS

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Has anyone heard any news about when Taxfiler might be able to deal with FRS 102 accounts ?

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Teignmouth
By Paul Scholes
13th Sep 2016 20:53

Hi there - why don't you ask them, they are really helpful & responsive?

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Replying to Paul Scholes:
RLI
By lionofludesch
14th Sep 2016 08:53

Ach - I knew someone on this forum would already know, Paul.

Any Dazey's come up trumps.

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avatar
By In a Daze
13th Sep 2016 22:19

I sent a e-mail to ask the same question, they said it will be ready at the end of the month.

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Replying to In a Daze:
By cheekychappy
14th Sep 2016 09:15

In a Daze wrote:

I sent a e-mail to ask the same question, they said it will be ready at the end of the month.

Once it is more flexible, and account names can be edited, and journals can be posted, I might consider switching.

It's still lacking in my opinion.

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Teignmouth
By Paul Scholes
15th Sep 2016 16:29

Hi cheekychappy

You make an interesting point about Tf having a fixed chart of accounts. A few years back I'd have felt the same, ie in having to explain to the client that I've lumped a few different P&L headings into Sundry expenses or several creditors into Other creditors.

These days however, with all my clients having pretty much up to date and accurate books, the year end stat accounts have become even more of an irrelevance than they used to be. I now discuss the results using their own P&L and Balance sheet, both of which show all the tailored detail, whereas the statutory accounts are really only necessary for template filling to match ixbrl, ie what Tf does.

What's added to this obviously is Micro Entity accounts which show next to no detail and where they are pretty much viewed as one below a VAT return.

Obviously not the case with larger company accounts or where the stat accounts are the first time the client gets to learn how they did last year, but Tf's chart of accounts is 98% adequate for my non Micro clients.

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RLI
By lionofludesch
15th Sep 2016 17:32

I thought we were all used to Self Assessment-type SAI. When this came in in 1997, I didn't alter the accounts I sent to my clients. If HMRC want a briefer summary, fine, I can add a couple of numbers together here and there. Bottom line will be the same, obviously, but if the clients want accounts in a particular format or want specific details, I won't be saying "sorry, HMRC and Taxfiler say you can't have it".

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Replying to lionofludesch:
Teignmouth
By Paul Scholes
15th Sep 2016 22:07

Hi lionofludesch - this aspect of Tf shouldn't be blown out of proportion. It creates fully compliant Small Company or Micro Entity accounts for shareholders, Companies House & HMRC.

To do this it has a chart of accounts of about 180 lines but the descriptions are fixed and so, to take some silly examples your detailed P&L is "stuck" with "Postage", "Stationery & printing", Courier services & "Advertising & PR" which may not match with what you or your client are used to.

My point was that, this is irrelevant to me and my clients as we look at detailed P&Ls monthly, quarterly & annually in their cloud accounting based on the needs of each business and so the slightly re-analysed version that goes off once a year to HMRC is, as I say, of little importance.

If however, your clients only really see one P&L and balance sheet a year, the one you prepare X months after the year end, then yes, stick with a more flexible system with an editable chart of accounts.

All Tf have done is to recognise what's happening and what is likely to be the case in the future for final accounts, especially for the 95%ish of Ltd companies who are Micros. Who knows, in a few years there may be no need for any formal annual accounts for these companies and so we'll be in the same position we were in 93 trying to convince clients they still need an audit, when the law said it wasn't necessary.

Personally, having lived with the IRIS's 1,200 line chart of accounts for over 20 years and having to regularly check and re allocate iXBRL codes (something not necessary with a fixed chart) it's been a breath of fresh air to get the accounts and tax returns out the way in an hour or two.

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