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HMRCs latest cost saving measure - iXBRL

 
 
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martynh
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PostPosted: Thu May 05, 2011 12:38 pm    Post subject: HMRCs latest cost saving measure - iXBRL Reply with quote

Just been brought up to speed on "iXBRL". In other words, for UK companies who file accounts, turning all corporate documents into data feeds to be submitted automatically to HMRC
Mandatory from 1 April

in effect, you've gotta pay your accountant to submit your accounts in a format more convenient to the goverment and making it easier for them to check your details agianst other govermental databases. Sad Meanwhile the govt are laying off thousands of HMRC staff.

Buying the software is a no no - costs way too much at the moment and you need to be savvy in web language to handle it
HMRCs own free software is for ultra simplistic companies and many will find it falls short.

Great...
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paul
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PostPosted: Thu May 05, 2011 1:21 pm    Post subject: Reply with quote

Uh, oh... doesn't sound like it bodes well for people wanting to do their accounts themselves.

Good news for accountants, though?
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Kay
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PostPosted: Thu May 05, 2011 1:39 pm    Post subject: Reply with quote

Unless I've misunderstood, this is what we've been doing for at least a couple of years anyway.

I do the accounts in the normal manner. Then Dave shoehorns them into the required format (I couldn't get my head around it).

It's a lot more convenient to file online. Plus they accept the accounts almost immediately. (Unless they reject them, of course, but that's never happened to us).

I can't see what there is to be worried about. Dave can do it and he doesn't have any accountancy training. Conversely, I don't know how to do it and I have years of training and experience of accountancy.

I think it's likely to bamboozle some computer-shy tradesmen, but most likely they'd be getting an accountant to file their accounts anyway.

Paul, I don't think it's "good news for accountants" - it'll speed up the process of filing accounts, once they're up to speed on the system if they aren't already, so perhaps they will charge less.

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martynh
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PostPosted: Thu May 05, 2011 4:41 pm    Post subject: Reply with quote

Kay wrote:
Unless I've misunderstood, this is what we've been doing for at least a couple of years anyway.

I do the accounts in the normal manner. Then Dave shoehorns them into the required format (I couldn't get my head around it).

It's a lot more convenient to file online. Plus they accept the accounts almost immediately. (Unless they reject them, of course, but that's never happened to us).

I can't see what there is to be worried about. Dave can do it and he doesn't have any accountancy training. Conversely, I don't know how to do it and I have years of training and experience of accountancy.

I think it's likely to bamboozle some computer-shy tradesmen, but most likely they'd be getting an accountant to file their accounts anyway.

Paul, I don't think it's "good news for accountants" - it'll speed up the process of filing accounts, once they're up to speed on the system if they aren't already, so perhaps they will charge less.

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the "required format" currently available is
a using free HMRC software - but only if your affairs are really simple - it can't even handle changes to share capital
b buying software to use to submit which is currently very costly and many software houses developing it haven't bottomed the solution yet. eg nothing available for Sage users yet. Probably too costly to buy and too technical for all but the largest companies
c which leaves the accountants who are likely to handle it for most people and will charge a few hundred for the time

i dare say it'll all settle down in time but at present it feels like we've been shafted Shocked
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Kay
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PostPosted: Thu May 05, 2011 6:20 pm    Post subject: Reply with quote

Oh, OK. Thanks for the explanation, Martyn. I stand corrected.

Guess we'd better continue to keep everything really simple. Dave was angling about getting some shares in the company (I'm currently the 100% shareholder) but obviously that would snarl things up so best not to. Twisted Evil
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