Tagging solution for large charity with 2 companies

Most CT software will produce tagged CT comps and the CT600 short and CT600E.

I would obviously recommend our own ! but taxcalc, PTP etc would be fine.

David Forbes

www.forbes.co.uk

Sorry just saw the bit about not wanting specialist tax software. That will make it more difficult !

I thought you had already tagged the accounts and just needed to do the CT return and comps attaching your already tagged accounts. (ProTax CT would allow this, as would say TaxCalc or PTP).

We are releasing XBRL tagged charity accounts formats July 20th. To produce accounts and tax you would need the accounts and tax package.

For your proposed action, you are likely to require two different bits of software:(1) to tag the accounts and (2) to tag or produce the tax comp and return.

Though I would question whether you necessarily need this. Charities are not usually required to submit CT returns. If you have trading subsidiaries which do need to submit CT returns each year, provided they are pretty straightforward you may well be able to use HMRC's own software to submit their returns.

Alternatively, it may be more cost-effective to get your auditors/tax advisers to do the work for you - though this will depend on who your auditors are and how they are approaching iXBRL. Some (not always the bigger firms) are more advanced than others and use accounts preparation software that does most of the iXBRL tagging automatically (so not much extra cost) while others are less well prepared and seem to be making a meal of it (or seeing it as a  fee opportunity).

Tim McElwaine

I have seen some very big quotes for tagging, and my advice would be to shop around if outsourcing is the route you choose. Quotes now should be more realistic because accounts/computations are now being tagged and firms now have a better idea of what is required.

You may find smaller firms are competitive, I have been able to come in at half the price of some Big 4 quotes and still be happy that the firm is making a good recovery.

One word of caution - if you outsource, then make sure that the quoting firms have experience of charity accounts and of tagging charity accounts (if possible)

Hi Mick

DataTracks are a specialist outsourcing service for iXBRL tagging. We can tag both financial statements and tax comps, and they can be in any format.   We have a three way QA check developed to serve the SEC market in the USA.  You can get our prices from the web site -  www.datatracks.co.uk   If they are not good enough, let me know!  Good luck.

Will Mathieson DataTracks