When in December is Vt going to roll out the ixbrl version of final accounts ?
It would be good to know in advance so that we can plan our work accordingly.
it had been delayed until January 2011, can't remember where I read this though and my memory could serve me wrong in this instance.
Why? January 2011 is 27 days away.
you'll find out for yourself, you have been advised. keep away from VT.
Capitax, it is very nice of you to give us this advice, but without any supporting information to allow us the assess the veracity of the unspecific allegation, it is very hard for us to give it any credence, and therefore to act on it.
sure, understand, this is my opinion, but I would say do not expect VT to be 100% ready for iXBRL, that's why I switched from VT before leaving it too late. After all it is excel based and tagging will be cumbersome. Whatever decision you will make it will be good for you, don't worry too much. You may want to do some research.
I would like to assure everyone that our iXBRL development is going well, that our sales are at record levels and that we have no intentions of selling the business.
Since our web site was last updated, we have considerably enhanced our iXBRL plans and completed all the necessary software. An iXBRL file can be produced at the touch of a button for the standard VT templates. In addition, any set of accounts or tax computation in any Excel workbook can be quickly tagged up using the VT Final Accounts software (UK GAAP, UK IFRS and UK Corporation Tax taxonomies supported).
Customisations to the standard templates can also be easily tagged by the user. This is a feature not supported by at least one competitor, making that product unusable for any set of accounts not covered by its standard disclosures.
All this is taking time to get exactly right, and the release date for the iXBRL verison of VT has been put back to 31 January 2011. There is no doubt that under the hood iXBRL is horrendously (and unnecessarily) complicated, but we like to think that we have done a very good job of hiding all this complexity from the user. The court of Any Answers will no doubt show no mercy to anyone who has not!
It has been recently been indicated that by March 2013 it will be also compulsory to file accounts with Companies House in iXBRL format. VT are considering including a corporation tax return and computation in VT Final Accounts and buttons to file automatically with both HMRC and Companies House. VT would then be a truly integrated bookkeeping/accounts production/corporation tax package. We hope to make a more definite announcement on this by Christmas.
Philip HodgsonVT Software
PostscriptI have just read Capitax's response. A well known competitor was telephoning VT users telling them that they would have to manually tag up VT workbooks. This is not correct. The VT workbooks will be pre-tagged. We wrote to that firm advising them that their comments were defamatory and I am glad to say they appear to have desisted. If anyone else receives a similar call, we would be grateful if you would let us have the name of the firm and the salesman.
Philip thanks for the update - you have produced a consistently good product in both VTT+ and the final accounts programme. Looking forward to the release. If you can achieve the CT Return that would be a real bonus.
I had a similar call saying that VT would not be ixbrl ready. It was a month or so ago now. I think it was PTP/IRIS.
I would refuse to use any software provider that used such tactics as mentioned above. It will be a great pity if these false claims deter people from using VT.
would there be to VT by not producing an ixbri version since its major product is Company Accounts. Perhaps we should look at those companies who are giving the bad press. Have they something to hide?
Thanks for the update, it's good to know that you are watching.
I tried the VT iXBRL in Feb and it was really simple and easy - the only hiccup was TaxCalc which I use for CT returns when I imported the iXBRL file and it gave me an error message - but I was told to ignore it which I did, and it went thorough without a problem - and so far HMRC have not come back to me with any problems. CT bill was issued straight way!
I hope to do a few more before 1 April, to make sure I am doing it correctly.
Other users have also told us about the Taxcalc issue. There have been a few (mainly minor) glitches attaching iXBRL accounts files to some other CT600 tax packages as well. We have compiled a list at http://www.vtsoftware.co.uk/support/ixbrltaxpackages.htm
There are more comments at iXBRL - how is it for you?
Philip HodgsonVT Sofware
I have relied on Phillip and VT Software for longer than I can remember now but it must be getting on for 15 years. In that time VT have always kept the accounts templates compliant with legislation changes. Using them has always been a breeze. The same can be said for ixbrl. Phillip issued the new templates in Feb. Using them is just as easy as before and the new ixbrl format is a one click option. I have no idea what goes on underneath, but from a user perspective - it just works. This has always been the strength of VT products - they just work - leaving me to get on with what I do best knowing experts have handled the hidden stuff brilliantly.
The only thing that has turned my head slightly from VT is getting LLP clients. I have had to resort to a competitor product to get the accounts produced and that product is nothing like as simple or intuitive to use as VT. How about it Phillip?? But that is another thread!!
I too have been using VT for many many years and would always recommend it. I filed my first iXBRL set of accounts mid Feb and had abosolutely no problems, just the press of a button. I use keytime tax and that went a treat with it.
I too am disappointed that there isn't an LLP template and I know the thread has been going on this for a while. I would be interested to know what other produce you used to produce your LLP accounts, especially as you are a VT user. Could you let me know please.
Although Philip recently told me in an email that an LLP template is now planned. This is an extract from the email.
"We do hope to do an LLP template this year.
VT Software Limited
020 8995 1142"
According to this link it does seem VT are hoping for a small LLP template around June 2011
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