|
|
01 Apr 2011
SAGE CUSTOMERS are still being pursued by rival technology business Iris Accountancy Solutions. The IT company is extending its free offering of internet tax technology to them by a further 30 days.
From today HM Revenue & Customs is requiring all corporate tax to be submitted using a new online technology format iXBRL.
Further reading
Sage is releasing an interim update to enable clients to file tax returns using iXBRL. However a full version will not be available until later this year.
In January, Iris announced Sage customers could transfer data to Iris systems and receive training for free with the offer due to stop today. However, the company announced it will extend this promotion until the end of April.
John Pattenden, product director at Iris Accountancy Solutions, said: "Iris took the introduction of iXBRL very seriously and invested heavily in R&D to ensure all our customers were iXBRL compliant for our tax products from last April and for accounts production from November."
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
Sage ixbrl
Have now got Sage ixbrl accounts preparation. Anyone using it should note the ixbrl accounts do not include a detailed P&L. Sage say they have prepared their ixbrl to cover the "minimum" requirements of HMRC. And according to Sage the minimum requirements do not include a detailed P&L. When I asked Sage support how am I supposed to get the information contained in the detailed P&L to HMRC their response is "We believe that the HMRC do not require a Detailed Profit and Loss report to be submitted as part of either your Accounts or CT600 submission, and is optional".
Posted by: Michael Norton, 05 Apr 2011 | 11:37
iXbrl
I was given the same information by Sage, but believe this could cause extra enquiries into our clients. I will be taking this up with Sage if it happens, and it could affect my decision to stay with them. I have written to our local tax office for their opinion on this matter.
Posted by: Steve Mitchell, 06 Apr 2011 | 16:51
Detailed P&L
The legislation states that where a detailed P&L is present in either the Accounts or Tax Comp then this should be tagged according to either the Accounts or CT Taxonomy accordingly.
IF...
So IF it is included then do you need to tag it?
Not at the moment as we are within the Soft-Landing period of the iXBRL legislation/mandation.
HMRC 'will accept submissions where a reasonable attempt has been made to comply' (with iXBRL)
From conversations I have had with HMRC a reasonable attempt is far less than full compliance and is catered for.
What do IRIS cater for at the moment... I have heard they have some issues...
Posted by: Bob Clarke, 15 Apr 2011 | 12:31
Opinions please
Hearing IRIS has a straight forward migration path from Sage why would we stay. No, seriously thats not rhetoric, and of course it's not a decision we take lightly, can anyone here give us answer?
Posted by: Rupert, 15 Apr 2011 | 14:19
Detailed P&L
Tagging of the detailed P&L is not required by HMRC at the moment - when you submit the iXBRL accounts electronically to HMRC they still receive a version of the full accounts that they can view should they so wish - so they still receive a detailed P&L it is just that the figures within it as they are not tagged will not be sucked into their computer system.
Posted by: Raoul, 18 Apr 2011 | 08:55
Response from Porduct Manager at Sage
On 31st March, Sage launched iXBRL ready accounts production software. Based on HMRC guidance (http://www.hmrc.gov.uk/ct/ct-online/file-return/online-xbrltag.pdf) we chose not to include a detailed P&L as part of the iXBRL accounts. However, the detailed P&L can be produced in non-iXBRL accounts formats as a MS Word or pdf document.
Based on customer feedback, we have identified a specific need to include the detailed P&L in iXBRL accounts. This is to allow accountants to continue to work in a way that they are used to, and to address concerns relating to professional indemnity. We are currently validating this need and planning how long it will take to deliver a solution. We expect this planning to be complete in April and will provide an update as soon as we can.
Regards
Jon Martingale Product Manager, Accountants' Division
Email: xbrl@sage.com
Posted by: Jon Martingale, 18 Apr 2011 | 17:01
More Sage Issues
Sage software doesn't seem to work if accounts are prepared in any currency other than GBP!
It seems the tagging of foreign currencies isn't considered to be relevant to Sage users!
How I wish I hadn't spend £s and hours buying/installing/using Sage. I shall be looking at IRIS as soon as I can.
Posted by: John, 19 Apr 2011 | 16:40