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VT Owned by IRIS

Is this true? Edit: No, it's not!

Didn't find your answer?

Reported here

https://www.accountingweb.co.uk/practice/general-practice/mtd-takes-it-t...

but first I've heard. Is it true?

Edit: Should come as a relief to many that VT have confirmed below that this is NOT true!

Replies (23)

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By Wanderer
07th Jun 2019 15:18

From that thread:-

tanyajackson wrote:

VT is now owned by Iris who also now own Taxfiler who have just doubled their prices so it may not be long until VT follow suit.

Edit, This may not be true, as I've posted below:-
We've only got one poster who has said this at this stage.

VTsoftware occasionally posts on AWeb. I've just PM'd them and invited them to comment on this thread.

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Replying to Wanderer:
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By vtsoftware
07th Jun 2019 16:00

This is absolutely not true. We will NEVER sell to IRIS.

Philip Hodgson
Director and owner
VT Software

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Replying to vtsoftware:
By ireallyshouldknowthisbut
07th Jun 2019 16:30

Nice one Philip.

BTW been trialing your MTD agent software. Nice and light and seems to do the job just fine on the trial I did today. Perfect for excel based clients or ones who have software but I need to muck about with to get the right data filed.

+ its my favorite price - already included in the existing license fee for final accounts production :)

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Replying to ireallyshouldknowthisbut:
By Duggimon
07th Jun 2019 16:37

In the interest of fairness, IRIS's MTD filer is also straightforward, functional and free to existing users.

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Replying to vtsoftware:
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By Wanderer
07th Jun 2019 16:46

Thanks for taking the time to respond.

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Replying to vtsoftware:
Oaklea
By Chris.Mann
07th Jun 2019 17:39

I think that's one of the finest "get stuffed" remarks that I've ever seen!

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By Chris Maslin
07th Jun 2019 14:17

Groan, ok good to know.

The good news for us is VT is one of the packages we currently use which we have been considering moving away from anyway...so significant changes/price hikes will just accelerate that decision.

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Replying to Chris Maslin:
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By Wanderer
07th Jun 2019 14:23

I wouldn't take it as gospel yet, probably should wait for confirmation.

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By MissAccounting
07th Jun 2019 14:33

IRIS really can [***] off if this is true!

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Replying to MissAccounting:
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By johnhemming
07th Jun 2019 14:48

There is an interesting question in terms of competition law in this. Producing accounts with iXBRL tagging is a little bit complicated (mainly because XML is a horribly picky document type). What other options are there for iXBRL tagging software that is not owned by IRIS?

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Replying to johnhemming:
By Tim Vane
07th Jun 2019 15:14

johnhemming wrote:

What other options are there for iXBRL tagging software that is not owned by IRIS?

Over twenty. It is also an open standard so no monopoly argument is likely to hold water.

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Replying to Tim Vane:
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By johnhemming
07th Jun 2019 16:49

In which case this clearly would not come into the regulatory environment (if it is true)

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Jennifer Adams
By Jennifer Adams
07th Jun 2019 15:02

Isnt there some sort of competition/monopoly law in this country.... :(
Sad day.. sad day...

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Replying to Jennifer Adams:
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By johnhemming
07th Jun 2019 15:07

It depends really on how many other routes there are into iXBRL tagging and the like. The last time I looked at this competition calculations were done by multiplying the market share percentages and comparing that to a figure.

However, doing what VT do or TaxFiler is not that difficult. It is as I said "a little bit complicated".

There are much harder things technically.

I don't think the issue is big enough for the competition regulators to take an interest. If indeed there is an issue which is not at this stage confirmed.

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By Wanderer
07th Jun 2019 15:07

We've only got one poster who has said this at this stage.

VTsoftware occasionally posts on AWeb. I've just PM'd them and invited them to comment on this thread.

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By tobynew
07th Jun 2019 15:17

I've messaged the original source, would be an awful shame if this has happened, but nothing in the press yet so I am assuming it's not true.

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By Duggimon
07th Jun 2019 15:46

Seems unlikely they'd buy a large software provider and not announce it, much more likely that someone just got muddled.

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By bernard michael
07th Jun 2019 15:56

According to Cos House it's owned by Mr & Mrs Hodgson (90/10)

They have no other directorships
Vt has net assets of £645312 at 31/03/18 ,with £1262690 in the bank and works with an average of 5 staff

Nice one

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By vtsoftware
07th Jun 2019 15:57

This is absolutely not true. We will NEVER sell to IRIS.

Philip Hodgson
Director and owner
VT Software

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Replying to vtsoftware:
counting
By Counting numbers
10th Jun 2019 12:07

Excellent news @vtsoftware!

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By frankfx
07th Jun 2019 17:13

Donald Trump's flying visit to our jewel encrusted Isle this week coincides with Fake News:
VT software, a genuine diamond, discovered in the arms of Iris.

If we didn't know Philip Hodgson better I would have suspected media manipulation.

Bravo !Team VT Keep up the good work .

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By mikeyban
07th Jun 2019 19:39

Just submitted my first MDV Vat return through VT and a huge thumbs up from me. It was straightforward and I absolutely love this product. Well done VT!

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By Alex_T
10th Jun 2019 11:48

Phew!

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