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Hi
I own website hosting and design company and usually create my own accounts for Companies House and also need to make a return to HMRC Coroporation Tax annually. Recently there has been a move to present company accounts in the iXBRL format (inline business reporting language). This either requires using a firm of accountants or buying in to a service that will convert accounts to the iXBRL format. Many small companies have been able to make their own returns, they now face a problem. The going rate to create iXBRL compatible accounts is currently about 90 GBP. If I have to pay this I might as well close down my business. However, why can't I add the appropriate iXBRL tags myself my accounts are very simple and the iXBRL format is a type of HTML file. In short my accounts need to be tagged and the file needs to be saved as an iXBRL file. I am happy to work in source code and it would seem that I could learn how to add the appropriate iXBRL tags to an HTML copy of a Word or Excel file. The trouble is I can't find much about how to do this. I don't even know which forum this post should go on, programming?

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Last Post by diafol
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I appear to be across the pond so when this question came up I hit google. There appears to be a lot of docs out there so if one were to dive into this it does appear possible to roll your own solution. But 90 GPB looks to be about 115USD so my thought is this is cheap compared to hiring an accountant or adding a CFO to the company.

You state you can't find much about this topic yet google disagrees. This to me tells me something else is missing. That is, maybe the articles I found are not what you wanted to read or there are terms in the documents and pages that are new.

Not to upset you but there is information out there. But is your time worth enough to decode and code all this?

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Having a friend who is an accountant helps :)

The £90 should be tax-deductable if you're submitting on behalf of your company. I realise this is an additional cost for you (although there were suggestions about this around 5 years ago), but £90 shouldn't kill you, should it?

The iXBRL format is a bit of a pig and you need a bit of "financial headedness" to get into it. Not sure I'd be doing a DIY job on this.

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Thanks guys but I have already done a Google search. I was hoping that someone on Daniweb who codes iXBRL would know how to do it. It is possible to download an Excel template and complete that and upload it and get the iXBRL conversion done. It costs £20 which is acceptable. I don't use an accountant as my busiess is very very simple: Website renewals,email services,Company House,Reseller account and slaes management. No expenses, no hardware, stationary, car, rent, etc. total income is very small roughly £1,000. The company that offers the conversion service is Click Here

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I'd have thought hardware would be in it. You may have brought hardware (personal) into the company. The amount of time you spend "in the office" at home is also tax-deducatable wrt heating, lighting etc - there's an exact fraction of energy bill to calculate - but can't remember what it is off top of head (something like (1 room / total no rooms) x monthly bill x no. months). You may be able to claim something off mobile and broadband too. Good luck with it.

Edited by diafol

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