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HMRC and iXBRL (again)

HMRC and iXBRL (again)

Last year we submitted our accounts and tax on-line, using the HMRC service, with no problems, but this year, we can not do so, because the HMRC on-line service no longer accepts companies with share premium in their balance sheet.

As we are still in time, I have submitted our 2010 accounts by mail, but this does seem to be a step backwards. We are a very small company, and should not need to use (and pay for) an agent to submit our accounts for us.

Does anyone know why they have done this, or, more importantly, know if they intend to put this facility back?  Rebecca, I appreciate that it is not a major concern for most of us on here, but could it be taken up at the next working party?




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By DMGbus
12th Apr 2011 20:36

Limitations of HMRC software

This appears to be a further item to add to the list of HMRC software defects re: iXBRL filing.

It would be useful if a concise and easy to understand list of HMRC software "exceptions" were to be produced (I'm aware of another bizarre one - rental income - hardly an unusual matter!).

Until HMRC update their software product (why do they still use incompetent software providors / writers?) I think that "workarounds" are the order of the day - If it is the case that Share Premium Accounts are "not allowed" by HMRC's software then I'd be tempted to increase the (ordinary) Share Capital value by the value of the Share Premium Account - but ONLY with the HMRC online filing - the "proper" accounts can still show the correct academic situation, it's just a matter of giving HMRC something that their software will accept (no change to net assets or tax liability therefore, to me as a realist, something of academic interest only).



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