Has anybody filed a set of accounts under the new ixbrl regime for an unincorporated friendly society?
If so how did you do it? using HMRC's software?
We have a client who has filed the incorporated version for a few Friendly societies but hit various problems with an unincorporated client.
Neil Douglas
Eureka Software
Replies (4)
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A little more information please
I've never come across an unincorporated friendly society - can you give a few more details about its legal status. For example is it operating some sort of savings scheme but is effectively an unincorporated mutual society or association.
If this is the case you can probably get away with a pdf submission according to HMRC guidance. You can submit an iXBRL version but your issue will be how to tag it - you might need some conversion software if accounts production won't handle it
iXBRL accounts not required for unincorporated society
http://www.hmrc.gov.uk/ct/ct-online/file-return/xbrl-guide.pdf
Unincorporated societies can file PDF accounts, but computations must still be iXBRL format (see introduction)
Small tax liability?
Dont forget that if their annual tax liability is not expected to exceed £100, no CT returns need to be sent in at all as long as you agree the treatment with HMRC, see their guidance for - Clubs, unincorporates associations and property management companies.
Effectively it will be treated as dormant (subject to review at least every 5 years)
Hope that helps