iXBRL for mutual company

iXBRL for mutual company

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I have a company client that is a trade association and not liable to CT as a mutual but interest received is liable. The company has a surplus of income for the year. I need a product or some bright ideas of how to file for CT. The problem is that as soon as you show a P & L account with a surplus all the programmes I have tried assume its a trading surplus and it feeds through to the remaining forms - I am unable just to tax the interest.

I do not need all singing & dancing software as this is a one-off but any bright ideas will be welcomed. I use HMRC software for most CT and Tax Calc for iXBRL conversion where HMRC will not work but tax calc won't do the tax comp that I need.

Hepl, please.

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By redman7
26th Mar 2013 10:25

Company Limited by Guarantee?

Hi,

Is this a Company Limited by guarantee?

If so I had to file one recently:

I used VT to generate iXBRL accounts, see link below:

http://www.vtsoftware.co.uk/support/guarantee.htm

And I used Taxcalc for tax return adjusting for mutual and non-trade income in the computation within Taxcalc to end up with taxable trade profits (or losses in my case). In your case there should be a field to enter the interest income on the computation section somewhere (of the top of my head I think it's on the top right hand section of the computation tab in 'simple step' mode) and then enter a new adjusting item for the mutual trade surplus so it rec's back to the surplus per accounts.

I'm not in front on my office pc now though so I can't bring it up....but it should be do-able, I think...

thanks

RM

 

 

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By DMGbus
26th Mar 2013 13:58

De minimus rule

HMRC may also deem your unincorporated organisation, such as a

members' club, dormant for Corporation Tax purposes if it is active or

trading but it's due to pay Corporation Tax of less than £100 for an

accounting period. 

 

If you could qualify for the above then the extra cost of iXBRL accounts and iXBRL CT600 software (TWO SOFTWARE COSTS) could be avoided, but only with HMRC approval.

 

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By Karuna
23rd Apr 2013 14:14

Try DataTracks

 

Hey,

DataTracks is the best in coverting any files like academic, IFRS, IFRS banking and Charity Taxanomies into iXBRL. The service is delivered online through the  websitewww.datatracks.co.uk

for more details you can reach me at [email protected]

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