iXBRL and HMRC - more material now available

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iXBRL and HMRC - more material now available

by Paul Booth on 08.03.2010 19:29 7 comments 3611 views
Categories: Future IT
Tags: hmrc, xbrl, corporation tax, ixbrl, ct filing

As promised in Simon Hurst's postings when he reviewed the Tax and IT Faculties' 'Demystifying XBRL' December event, this event turned itself into a roadshow, and was held in four regional venues as well as twice more in London, where it has now been a sell-out three times!

For the February-March roadshow we had a new publication, also called 'Demystifying XBRL' - the book of the film, perhaps - which was issued to all delegates. For those who missed the live event, here is a downloadable copy of the publication.

We also promised to make our slides available, so here they are:

Paul Booth: What is XBRL?
Anita Monteith: iXBRL ... and the new corporation tax filing rules
Jen Little/Julian Hatt/Jeff Smith: The HMRC perspective
John Turner: CoreFiling's Seahorse [without the product demonstration, which was live]

Also, we are putting together a web page of other useful resources on XBRL in general, HMRC's use of iXBRL in particular. If you have any suggestions for links/other resources that we might include, please do shout up: one way of doing that would be by a comment to this posting.

Comments

# | by Simon Hurst on 08 March 2010, 19:49

In the spirit of cooperation, John Stokdyk has a good summary on AccountingWeb, based partly on the ICAEW roadshow and with some useful links towards the end. Quite a few comments have also been contributed:

What you need to know about iXBRL

# | by Mohammad Qasim Javid on 14 March 2010, 23:26

Thanks for the slides - they are very helpful

# | by Paul Booth on 15 March 2010, 23:38

HMRC and CoreFiling slides now added. I have edited the original posting, so that all the presentations are together.

# | by Jonathan Powell on 29 March 2010, 18:34

Thank you Paul, this is helpful.

Some questions:

a) If the same set of accounts will be filed at the same time to both Companies House and to HMRC is this the end of 'abbreviated accounts' filing for smaller companies? Eg HMRC will need a P&L and then Companies House will publish the P&L.

b) I understand that Companies House and HMRC are working on a .pdf template that can be used to file accounts for smaller companies. Does anyone yet know what the thresholds will be to use the template?

c) If we take the option of converting Word/Excel accounts to iXBRL do you have any specific recommendations on software for that?

Many thanks,

Jonathan Powell

# | by Paul Booth on 29 March 2010, 21:25

@ Jonathan

a) No, you will still be able to file abbreviated accounts to Companies House. You will be able to file accounts to Companies House and HMRC in the same format and through the same 'portal'. One of our HMRC speakers at the roadshow said that there would be three buttons: (1) Companies House only, (2) HMRC only, and (3) both. In the case of (3) CH and HMRC would each be able to take the information that they are entitled to. I am not yet clear how (3) could work in practice.

b) I'm assuming you are referring to HMRC's free filing product which they say 'is aimed at small companies and organisations with straightforward affairs'. Their own guide to the product gives full details of its limitations. Basically you can use it only if your return would require just the CT600 and a maximum of three particular supplementary pages, A, E and J.

c) We are aware of several software products currently under development that convert already-completed final accounts from Word/Excel into iXBRL. We don't 'recommend' software, but we can note that so far only one such product is listed on HMRC's page of software that has been tested by them. That is Seahorse from CoreFiling Ltd.

# | by Jonathan Powell on 29 March 2010, 22:18

Thank you for the clarification Paul. Appreciated.

With regard to b) this is the quote from the current Companies House front page.

HMRC and Companies House common approach to online filing

On 1st September 2009, HMRC and Companies House issued a statement announcing a common approach to the online filing of company accounts. Read the HMRC and Companies House joint statement (PDF 35Kb)

Since then development of the electronic formats has been progressing to enable the statutory accounts that are sent to HMRC to also be acceptable to Companies House. The plans are to make the accounts available as a template that can be accessed from both the HMRC website and the Companies House WebFiling service. The accounts template will be in PDF format that can be downloaded from the website to the PC. The template will contain built in validation checks with information buttons throughout providing further guidance. Pre-submission checks will help to avoid omissions and calculation errors, and at any time draft versions of the accounts can be printed or emailed to colleagues or the board of directors for clarification or information.

The service will be targeted primarily at small companies, and will enable them to key in their data once and then submit accounts that are prepared under the Companies Act 2006, to both HMRC and Companies House.

To keep up with the latest news on the progress of the joint accounts development, subscribe to the accounts RSS feed.

Jonathan

# | by Paul Booth on 29 March 2010, 22:54

Thanks, Jonathan. I'm assuming that the template referred to in the joint statement will be what is already available from the HMRC site, or something pretty close to it.

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iXBRL and HMRC - more material now available

iXBRL and HMRC - more material now available

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