Is there a tool for iXBRL tagging Industrial & Provident Society Act companies

Is there a tool for iXBRL tagging Industrial &...

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I have 2 clients who are members clubs registered under the Industrial & Provident Societies Act 1965, as such these clubs are required to file Corporation Tax returns and to pay tax on their investment income only.  Unfortunately the software used to prepare the accounts does not have the taxonomy for this type of "company"  and HMRC requires minimum tagging for this type of club - does anyone know of a tagging tool which will enable the tagging of these accounts? preferably without incurring a large amount of cost.  Alternatively has anyone been successful in obtaining an exemption from iXBRL filing for this type of company?

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By carnmores
08th Nov 2013 23:13

wont a tagging solution from Digita or Sage work?

there are also others seahorse ? or try datatracks    http://www.datatracks.co.uk/

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By vtsoftware
09th Nov 2013 07:47

VT

You can use VT to self tag any set of accounts in Excel.

There is not a separate taxonomy for this type of club. They should use the same taxonomy as companies (UK GAAP minimum tagging).

In view of the comments reproduced below from http://www.hmrc.gov.uk/ct/mandatory-online-filing.pdf I would not get carried away with perfect tagging:

Returns will clear HMRC’s electronic Gateway as long as a small number of key items are tagged. Where returns have these ‘validation items’ tagged they will not be rejected at the Gateway. All software suppliers are aware of these validation items- and if you use commercial accounts production software product that has passed HMRC recognition then these items will be automatically tagged for you.  Only in very extreme circumstances would a return which clears this Gateway be rejected later because of poor tagging. This would only happen where HMRC believe there has not been a reasonable attempt made to XBRL tag a part of the submission - and they would discuss this with you first. 

Philip Hodgson
VT Software

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By carnmores
09th Nov 2013 10:37

@Philip

thanks for that i shall bear in mind

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