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SIMPLY ACCOUNTS
Premium, easy to use, iXBRL & VAT accounting software for small businesses approved by HMRC

iXBRL Accounting Software

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Simply Accounts and iXBRL

Simply Accounts accounting software produces iXBRL abbreviated annual accounts for companies that fall within the definition of small companies e.g. Turnover less than £6.5 million (see detailed notes in iXBRL background).

Our system is automatic and no tagging is required by the user. You simply fill in all the necessary company details that are highlighted in the Annual Accounts main screen. The numbers are automatically taken from the accounts package. Select the relevant notes to the accounts. Once completed the Annual Accounts report may be generated and the iXBRL version saved to hard disk ready for inclusion in the CT600.

Full procedures are included in our Help files.

Background

All Limited and Public Limited Companies now have to submit iXBRL format accounts to HMRC (this will at a later date also be the case for submissions to Companies House).

For straight forward companies there is an accounts template that HMRC provide on their website which may be used both for HMRC submissions and Companies House.

The HMRC accounts template, like the online CT600 (Short) return form, is aimed at small companies and organisations with straightforward affairs - that is those with fewer than 12 directors at any one period of time. But you can't use HMRC's template if you need to report any of the following:

  • Called up share capital not paid
  • Capital instruments
  • Cash flow statements
  • Contingent assets
  • Current asset investments
  • Defined benefit pension scheme
  • Exceptional items
  • Financial instruments
  • Fixed asset investments
  • Foreign income and currency transactions group (this applies whether the company prepares group accounts or is a member of a group)
  • Group accounts or the costs or restructuring
  • Other reserves
  • A revaluation deficit
  • Prior-year adjustments
  • Profit or loss on disposal of fixed assets of a material nature
  • Share-based payments
  • Share premium
  • Turnover above £6.5million

Simply Accounts accounting software produces iXBRL accounts for Limited Companies that fall under the definition of Small Companies that are entitled to file Abbreviated Accounts to Companies House. Simply Accounts does not produce iXBRL accounts for PLC’s and larger companies.

In most cases, small companies and limited liability partnerships (LLPs) are entitled to submit abbreviated accounts to Companies House - which means they have to provide less information.

For financial years starting on or after 6 April 2008, a small company (1 October 2008 for a small LLP) must meet at least two of the following conditions:

  • Annual turnover must be no more than £6.5 million
  • Balance sheet total must be no more than £3.26 million
  • average number of employees must be no more than 50

There are exceptions as detailed below:

Companies, groups and partnerships that cannot submit abbreviated accounts

Some small businesses, limited liability partnerships (LLP) and groups cannot submit abbreviated accounts.

A small company cannot submit abbreviated accounts if it is, or was at any time during the financial year:

  • A public company
  • An authorised insurance company, a banking company, an e-money issuer, a Markets in Financial Instruments Directive (MiFID) investment firm or an Undertakings for Collective Investment in Transferable Securities (UCITS) management company
  • A company that carries out an insurance market activity
  • A member of an ineligible group

A group is ineligible if any one of its members is:

  • A public company
  • A corporate body (other than a company) whose shares are traded on a regulated market in any European state
  • A person (other than a small company) who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity
  • A small company that is an authorised insurance company, a banking company, an e-money issuer, a MiFID investment firm or a UCITS management company
  • A person who carries out an insurance market activity

An LLP cannot submit small abbreviated accounts if it is, or was at any time during the financial year:

  • An LLP whose securities are admitted to trading on a regulated market in an European Economic Area (EEA) State
  • An LLP that is, or was, an authorised insurance company, a banking LLP, an e-money issuer, a MiFID investment firm or a UCITS management company
  • Carried on insurance market activity
  • A member of an ineligible group

A group is ineligible if any of its members is:

  • A public company
  • A body corporate (other than a company) whose shares are admitted to trading on a regulated market in an EEA State
  • A person (other than a small company or small LLP) who has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on a regulated activity
  • A small company or small LLP that is an authorised insurance company, a banking company or banking LLP, an e-money issuer, a MiFID investment firm or a UCITS management company
  • A person who carries on insurance market activity