Case Studies

A large reputable accountancy practice has found that they are losing clients due to the amount they have had to charge for iXBRL due to their own high overheads and cost in software and training that iXBRL has had on their practice.

In a bid to keep clients they have chosen to reduce the cost by outsourcing to us as they know our expertise will give them peace of mind whilst ensuring they keep their client base

The client realised that iXBRL is going to be an annual requirement, and were looking for a long-term cost effective solution.

Although initially put off by the choice and cost of software solutions, they decided to try and bring it in-house.

We helped by providing the iXBRL services in the first year as they weren’t ready to buy any software in time for the filing deadline.

In year 2 they chose the software they wished to use and we went in and helped them and showed them how to tag and how to produce their own files for submission.

In year 3 they made the decision that due to the new reporting standards changing it would be more cost-effective to outsource it to us again as there was an increased number of tags and the time it would take meant it was easier to send it to us.

Jim is semi-retired and only has one limited company that requires iXBRL.He prepares the accounts in a .rtf format as he does not wish to spend money on costly accounts production software when he is due to fully retire in the next few years.

He sends us the .rtf file and we convert it into a word document that we then manually tag for him. We send him the completed .html file for him to attach to the tax return he is submitting.

He is very pleased we take the stress out of iXBRL for him and it allows him to concentrate on doing the accounts work.

Although aware of iXBRL, they did not have the time or internal capacity to learn about iXBRL and invest in the software needed to produce iXBRL compliant accounts for their group.

As a result, they have outsourced all of their accounts conversions to us on an annual basis.

They have 12 companies that are all 11-15 pages in length and 1 consolidated set of 21 pages.

They provide us with their finalised accounts in Word or Excel on an agreed date and the conversion work is done by us in our Manchester office. Once complete we validate the files by test submitting on the HMRC server and return the iXBRL tagged files for them to submit to HMRC along with their CT return. We also provide a file showing the tags we have applied to the accounts.

Due to HMRC discontinuing their free CT filing service, the customer had purchased Tax software which was enabled to create iXBRL for the accounts, but they did not have the time to input the information manually.

They decided it was more efficient to email the set of accounts after sign off and then attach the completed iXBRL file we gave them to their tax return in their tax software.

A football club supporter’s societies accounts have a different context entity identifier which is different from just having a company registration number so not all software can generate iXBRL files for this type.

This club’s accountant contacted us as they were not able to create the file themselves so they outsourced it to us, which was a much cheaper option than buying new software and the training costs involved in that.

A company secretary of a Hospice rang unsure of how to deal with iXBRL as the Hospice itself is a charity and its current information means it does not need to submit iXBRL but the subsidiary is a limited company selling hospice Christmas cards, gifts as well as a coffee shop.

We gave them advice about iXBRL and converted their information for them to attach to their tax return and advised that should the situation of the charity change where they needed to submit iXBRL we would be able to help.