IXBRL HMRC software

IXBRL HMRC software

Didn't find your answer?

I have just tried to use HMRC software to prepare my own statutory accounts -.  I haven't got to approving the accounts and even though the only recipient is HMRC, I due to personal pride (I used to be a technical partner) I can't quite bring myself to to submit them, for a variety of reasons:

  • there seem to be technical lapses eg: directors' remuneration disclosures and tax disclosures
  • Some of the signs are the wrong way round (eg: dividends appear as a positive figure in the reserves note
  • Whilst you can tick the box for small company disclosures it doesn't seem to adjust the boxes that are required (eg: a tax reconciliation is required)
  • It does not cater for a format 2 P+L
  • Last but not least - the accounts which were previously 8 pages - now run to 38 pages including several blank sheets.

 I now primarily provide project services for businesses and do due diligence work and do not routinely prepare statutory accounts for clients, so it's a bit of a one off! Can anyone suggest an expedient way of preparing a decent set of ixbrl compliant accounts?

Replies (7)

Please login or register to join the discussion.

avatar
By occca
11th Aug 2011 20:32

VT

Vt is your best bet

Thanks (0)
avatar
By ixbrl-assist
11th Aug 2011 20:41

Outsource if just for one set.

If you need a way of converting your accounts whilst keeping the disclosure and format to the high standard you require you could produce the accounts in word or excel and use one of the manual conversion software packages on the market.

However, this may not be cost effective for one set of accounts.

We offer an accounts conversion service for clients who do not find it cost effective to purchase specialist software or their current systems do not cater for certain entities.

Please feel free to contact us for any further information.

Stewart Hardy

Hypercube Consultancy Ltd

www.ixbrl-assist.co.uk

 

Thanks (0)
avatar
By sandeepjohn
11th Aug 2011 21:38

Outsource to DataTracks (Simple and easy solution)

You could outsource it to DataTracks.

We offer a simple and easy pay-as-you go service online were you sign up online and send us your files.

Our prices are the most cost effective in the market.

Do contact us for more information.

Visit our website www.datatracks.co.uk

Sandeep John

DataTracks

[email protected]

 

 

Thanks (0)
avatar
By vtsoftware
12th Aug 2011 08:35

VT

The iXBRL accounts and tax computation files generated by VT Final Accounts can be attached to HMRC's on-line CT600 filing tool. This makes the HMRC product much faster to use. If you are using HMRC's product say no to the questions Do you want to use the accounts service and Do you want to use the computations service. You can then import the files generated by VT.

See also https://www.accountingweb.co.uk/anyanswers/vt-final-accounts/485380#nodecomment-487592

Philip Hodgson
VT Software

Thanks (0)
avatar
By DMGbus
12th Aug 2011 13:37

Excel for accounts; HMRC for iXBRL

The way forward is to prepare meaningful properly formatted accurate accounts to your satisfaction in Excel format then copy the relevant figures into HMRC's own .pdf software.

Irrelevant that the HMRC product might give cosmetically rubbish results.  These cosmetically rubbish results only go to HMRC, and any blame for cosmetic defects lies with HMRC's software providors and HMRC for accepting such poor software provision.

What matters is: are the financial figures the same?  Is the CT liability liability correct?

Just give what HMRC their software demands,  Ignore the cosmetics. Avoid unnecessary commercial software costs (in the case of Sage Accounts Production you'll encounter a whole host of cosmetic defects anyway so you most certainly don't move progress forward by buying software). 

Thanks (0)
avatar
By BigBadWolf
12th Aug 2011 10:02

VT is great

Thanks (0)
Me!
By nigelburge
12th Aug 2011 11:51

Another for VT

Tax computations and capital allowances are now built in to VT accounts and work a treat. It makes submission with HMRC's software (their pdf file) an absolute doddle.

Thanks (0)