New filing regime

Charities that are limited companies will need ixbrl software

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I am a bit alarmed by the Herbert article today on which we are not allowed to comment.  In its celebration of accounts in future only being able to be lodged with Companies House using specialist software it says that this won't be a problem as HMRC already require tagged accounts.  Well there are tens of thousands of small charities and community sports clubs that are Limited but don't have to produce tagged accounts and soon it is going to be obligatory.  As these organisations can often have volunteers (retired accountants and the like) who don't have access to the software (and don't want to have) there is going to be considerable disruption in the sector.

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By Dougscott
19th Jan 2024 00:08

Well HMRC provide free software to enable filing of the CT Return so hopefully Companies House will do the same for their return. Failing that you could disincorporate and then you won't have to file at Companies House at all and your accounts are also likely to be simpler as you will only have to comply with the Charities Acts rather than both the Charities Acts and Companies Acts.

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By SXGuy
19th Jan 2024 08:14

I remember similar comments when the roll out of ixrbl was in the planning stage for normal companies.

It seemed to have worked out OK in the end.

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