A brief guide to iXBRL software options
The ICAEW’s Paul Booth outlines some of the products available and how to choose the one most appropriate for your business.
There are so many ways of producing iXBRL files and more software solutions are being announced all the time, but how can you tell which is best for your business/practice? Instead of listing the available products/services by category, as HMRC’s ‘recognised’ list does, I’ll start from the other end, with a few categories of user – who you are, what you do, what software you use already – and suggest the likely approaches you might take, with a few comments.
For now, I won’t discuss the tax aspects of CT filing. It is the final accounts aspect that is causing more worry – not least because, with few notable exceptions, software suppliers have not yet released their iXBRL products. Indeed, some that are already listed by HMRC are not yet available to the public. Most are being released during the last quarter of this year.
It is impossible to encompass all the permutations of likely preparers and filers in one short article, but here are a few of the most common.
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hmrc free software
I have just tried preparing a CT600 using HMRC's free software and hit a snag already. Companies with investments (e.g. shares in other companies) are not catered for. Under Tangible Fixed Assets there is no sub section to itemise this. Has anyone found an answer to this problem? I have three, very small, client companies with investments on their Balance Sheets.
Very helpful advice
This article really cuts through what was looking to be quite a maze of iXBrl requirements. It's very helpful of the author to segment the types of practices out there, and what software to use. Thank you!