TaxCalc expands FRS 102 capabilities to LLPs

Following the addition of FRS 102 formats for individual limited companies back in spring 2023, TaxCalc has added the ability to prepare accounts under the full FRS 102 standard for limited liability partnerships (LLPs). 

Designed to cater for increasing demand from accounting firms with LLP clients that require additional disclosures or have more complex needs, the enhancement comes with the same functionality as TaxCalc’s accounts production tool for other formats. This includes drill-downs to interrogate individual figures, customisable reporting and automatic iXBRL tagging.

The Wokingham-based company has plans to expand into additional areas in 2024, including group accounts and charities, with other specialist formats to potentially be developed in future, based on customer demand.

“We’ve had great feedback from customers on our FRS 102 for individual limited companies formats,” TaxCalc chief product officer, Pauline Smith told AccountingWEB. “We made a promise to deliver products for practices of all sizes, and we’re delivering features that our customers are getting genuine value from and solving their problems. The more formats our customers have available, the better results they can achieve for their clients.”

TaxCalc’s FRS 102 MLA – Medium & Large Accounts product is available as an add-on to TaxCalc Accounts Production. For full details and pricing information visit TaxCalc’s accounts production page.

Accounts filing shake-up

The expansion comes at the start of what could be the biggest shake-up to the accounts production scene since the XBRL transformation of the 2010s. 

The passing of the Economic Crime and Corporate Transparency Act means that small companies and micro-entities will have to file a profit and loss account with Companies House, with small companies having to also file a director’s report.

The government also plans to mandate digital filing and full tagging of financial information in iXBL format, remove the option of paper filing for most companies, and reduce the number of times a company can shorten its accounting reference period.

TaxCalc recently reported a spike in sets of accounts filed electronically, with 108% growth over the three years to date (28% in the past year alone).

Recent AccountingWEB Intelligence research has also flagged a rise in demand from UK accountants for more integrated compliance products that provide opportunities for efficiency and automation.