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iXBRL
I find the fact that HMRC are letting through the non compliant filings a little worrying. I have been happily filing my clients returns and accounts, without issues which I thought was down to me getting it right. How do I know if I have been getting it right? I started filing iXBRL format prior to the deadline to iron out any problems, so now I really don't know if what I am filing is compliant. I was relying on HMRC to advise me of any problems so I could rectify them. Another HMRC idea which sounds great but doesn't work and doesn't do the job it was intended for!!!
compliance
[quote=tanyajackson]
I find the fact that HMRC are letting through the non compliant filings a little worrying. I have been happily filing my clients returns and accounts, without issues which I thought was down to me getting it right.
" How do I know if I have been getting it right? I started filing iXBRL format prior to the deadline to iron out any problems, so now I really don't know if what I am filing is compliant. I was relying on HMRC to advise me of any problems so I could rectify them. Another HMRC idea which sounds great but doesn't work and doesn't do the job it was intended for!!!"
the best route to ensuring accounts are compliant with hmrc IXBRL TAGGING (in my humble opinion)
is to use the online HMRC ct corp tax and accounts filing facility so your accounts are filed in the right format.
You can then make the minimum required HMRC disclosure for accounts purposes and print off the hmrc filed accounts(which can also if you wish be filed with ompanies house)
Mystic Accountant
Just knew that this was on the cards. HMRCs going back on announced policy, tinkering around with it, using others for research & development and then changing direction is always par for the course. No surprises here. Rip it up and start again.
iXBRL
"...there are suggestions that the tax department does not have the skills or staff resources to cope with the vast quantities of data that mandatory filing is producing."
Well, what a surprise that is - not.
What is this collective illness that seems to afflict every senior public sector "executive" that increasing complexity somehow equals progress. The more data you acquire the clearer the picture? Of course it doesn't. That's ok for fractal imaging but it sure ain't any good for an efficient and straightforward tax system.
As usual with the senior civil service and the politicians in government, they are starting from the wrong end. Instead of taking an axe to the tax statutes and rationalising the system making it simpler, fairer, easier to collect and therefore more difficult to avoid/evade, they prefer instead to carry on down the road constructed by the Complexitiser-General Brown and making the system ever more opaque and therefore more difficult (and expensive) to administer.
And this is why Osborne got himself into such a damned mess in the last Budget. Even correcting obvious anomalies such as VAT on what is or what is not hot takeaway food, or the gross abuse of foreign charitable donations by the super rich, become problems of Gordian Knot proportions, instead of straightforward procedural corrections.
I can understand why the senior civil servants want to maintain the complexity of the system - the size of their empires are in inverse proportion to the efficiency of the organisations they command, after all - but, for the life of me, I cannot understand why a so-called Conservative Chancellor allows this situation to continue, and, in fact, deteriorate.
clerical staff only
"...there are suggestions that the tax department does not have the skills or staff resources to cope with the vast quantities of data that mandatory filing is producing."
As usual with the senior civil service and the politicians in government, they are starting from the wrong end. Instead of taking an axe to the tax statutes and rationalising the system making it simpler, fairer, easier to collect and therefore more difficult to avoid/evade, they prefer instead to carry on down the road constructed by the Complexitiser-General Brown and making the system ever more opaque and therefore more difficult (and expensive) to administer.
And this is why Osborne got himself into such a damned mess in the last Budget. Even correcting obvious anomalies such as VAT on what is or what is not hot takeaway food, or the gross abuse of foreign charitable donations by the super rich, become problems of Gordian Knot proportions, instead of straightforward procedural corrections.
I can understand why the senior civil servants want to maintain the complexity of the system - the size of their empires are in inverse proportion to the efficiency of the organisations they command, after all - but, for the life of me, I cannot understand why a so-called Conservative Chancellor allows this situation to continue, and, in fact, deteriorate.
"Well, what a surprise that is - not.
What is this collective illness that seems to afflict every senior public sector "executive" that increasing complexity somehow equals progress. The more data you acquire the clearer the picture? Of course it doesn't. That's ok for fractal imaging but it sure ain't any good for an efficient and straightforward tax system."
the reality on the ground for hmrc is they have millions of ct compliance staff used to checking and manually processing ct 600 forms (some with very long foreign names)who now dont have a job but are supposed to understand all the fandangled IXBRL "risk assessment" tools now to hand when they are only clerical staff- no wonder they are all about to strike.
A hard-line stance towards iXBRL?
"...there are suggestions that the tax department does not have the skills or staff resources to cope with the vast quantities of data that mandatory filing is producing."
Exactly and on top of this farce we have Real Time Information to look forward to - yet another travesty in the making...
If HMRC was a dog you would put it out of its misery.
The profession has allowed HMRC to do this...
"...there are suggestions that the tax department does not have the skills or staff resources to cope with the vast quantities of data that mandatory filing is producing."Exactly and on top of this farce we have Real Time Information to look forward to - yet another travesty in the making...
If HMRC was a dog you would put it out of its misery.
The accountancy profession raised no big gripes with the introduction of iXBRL nor is it making any noises about RTI.
My conclusion is that most of the profession looks forward to making more money at the expense of small business because of the unacceptable added burdens - "iXBRL" - a software NEVER EVER USED BY SMALL BUSINESS yet forced on all small companies; now we have RTI with overly complex and detailed reporting requirements on the horizon.
Surprise
Why are we surprised by this? does their track record not indicate that THEY would not be able to administer it.
I rang some time ago as I was having trouble with a particular return with complex tax computations and was told that I only needed to submit a PDF set of accounts and comps if the turnover ws less than 6.5 million
Once again Govt dictate that our profession lays out major funds to allow us comply with legislation they then change. The whole system is crumbling about their ears they have left their ivory towers and are now firmly in cloud cuckoo land
Lord help us next year when they attempt to admimister Child Benefit via the tax return !!
HMRC free ixbrl software limitations
Hi All
Am I missing something here? It seems that HMRC's software does not cater for a company that has investments or shares in another company. I'm able to do all my small clients on their iXBRL CT600, except for one. Has anyone managed to get around this problem without forking out for VT+ or other?
Thanks
Most companies and accounting firms have not yet seen the true benefit of iXBRL. Although this is only used for regulatory purposes now, this is likely to change in due course when iXBRL data can be used for analysis.