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State of play: iXBRL approval

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23rd Nov 2009
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HMRC has provided a list of companies which have been approved for corporation tax iXBRL filing. This will be updated regularly as more companies gain approval.

HMRC’s new corporation tax portal went live this morning, Monday 23 November. At the same time, the tax authority has published the current state of approval of accounts and tax software and the list shows that there is a long way to go.

The approval list shows the following columns:

  • Products approved to produce and submit CT600: These products can file with the new system and will be able to produce and file a return plus PDF accounts and computations – that is they will be OK for now but not acceptable under the new regime commencing in 2011
  • Produce iXBRL accounts: Products that include an accounting function that will produce accounts tagged to at least the minimum tagging list for iXBRL. Some of these products will require enhancement after 2011, as HMRC moves from the minimum tagging list to a list that covers 100% of UK GAAP.
  • Produce iXBRL computations: products can apply for approval separately for accounts and computations so that some providers can concentrate on the corporation tax return and computations leaving accounts providers to produce a suitable accounting product. It is assumed that tax only software houses will provide links to well known accounting software only products to allow partial integration, but of course that is a commercial decision that may not yet have been taken
  • Submit iXBRL documents: approval has been granted to allow submission in iXBRL format. Although some software houses have this approval it is probably academic as if they do not yet have approval of accounts or computations although they can submit they don’t have an approved product to submit with.

The approval list shows 12 software providers, all of whom are approved for CT600 under the old system (returns plus PDFs). Of these 12, only Forbes Computer Systems Ltd have approval to produce iXBRL accounts, computations and submit iXBRL documents. No other providers are approved to produce either accounts or computations, but BTC Software and rfa Ltd are both also approved to submit iXBRL documents. The remaining nine companies are clearly still working on product development to gain approval.

However, there is still quite some time before iXBRL filing becomes mandatory, and one would expect that new approvals will be granted fairly steadily from now through to mid 2010. Nobody should be panicking at present about whether their own software house will be ready or not, but it may be worth those who do not use accounts and tax integrated software to talk to your providers about whether they will be producing an accounts product or if not whether they will be linking to any specific accounts production package. Or of course there is always the new HMRC tagging system allowing users to 'self tag'. As soon as this is live we shall try it out and report back.
 

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By Ros Clarke
23rd Nov 2009 12:50

Do all accounts need to be tagged?
I thought I read somewhere that unincorporated associations do not need to tag accounts.

Also can anyone confirm the position for companies producing accounts for the charities and RSL sorps? Software for these formats is not widely available for compliant accounts production let alone iXBRL tagged. Many of the RSLs are I & Ps and therefore do not file with companies house.

In addition I note that TSCL is also listed as able to submit iXBRL documents and also computations which is not mentioned in the body of the article.

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By daveforbes
23rd Nov 2009 12:57

What a fast moving world XBRL is.

I am sure TCSL did not have a Yes earlier !

The HMRC say ....

Unincorporated organisations and some charities that don’t need to prepare accounts under the Companies Act can send their accounts in PDF format.
But they must send any tax computations in iXBRL format.
 

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Rebecca Benneyworth profile image
By Rebecca Benneyworth
23rd Nov 2009 23:34

How quickly life moves

I wrote this article very late on Sunday night after most members were probably tucked up in bed for the night. Little did I suspect that by MOnday morning it would be out of date! Thanks all for highlighting the additional approval - I shall leave it as it was written as these comments otherwise do not make sense.

I'll plan to update this article - most likely by a new "edition" rather than just editing the above in about a month.

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