Do you have questions? Take a look at our FAQ list

No, currently we only manually tag financial accounts in order for clients to submit to their own tax software. We are aware of cheaper software that is available on the market purely that we know some of our customers already own these and we are not on any commission agreement with any software house, so contact us if you would like this no obligation information.

No, we do not have the software to perform this task as we specialise in IXBRL tagging.

Now HMRC have changed their system so that many who filed for free online with their website now must buy tax software themselves or get an accountant to do it for them.

This standards for Inline eXtensible Business Reporting Language

HMRC give a list of every element within your company accounts that they are interested in. Each of these items in this list has an individual tag. For example, on the cover page of your accounts, your company number will need a tag, as will your company name. Almost every piece of information has a corresponding “tag”.

These tags all in one computerised document allows a computer to read the tags and therefore your accounts without the need for a human to do it and allows for quicker examining and collation of financial information.

Unless you have specialised circumstances the general submission requirements are:

Companies House : 9 months after the end of the accounting period that the accounts cover

HMRC: 12 months after the end of the accounting period that the accounts cover (But the date the bill is payable is still 9 months!)

First year accounts are treated differently as the deadline is 21months after the incorporation date.

If you are ever unsure check with Companies House or HMRC directly so you do not get fined.

For Companies House:

You must file a copy of the accounts that you have already prepared for the members/shareholders at Companies House. However small companies and micro-entities may prepare an abridged version of those accounts which has less detail by omitting certain balance sheet items – more details are given in our guidance on small company accounts and micro-entity accounts.

Qualifying dormant companies can deliver even simpler annual accounts to Companies House – more details are given in our guidance on dormant company accounts.

For HMRC: Full Statutory accounts

Statutory accounts must include:

  • a ‘balance sheet’, which shows the value of everything the company owns, owes and is owed on the last day of the financial year
  • a ‘profit and loss account’, which shows the company’s sales, running costs and the profit or loss it has made over the financial year
  • notes about the accounts
  • a director’s report (unless you’re a ‘micro-entity’)

You might have to include an auditor’s report – this depends on the size of your company.

The balance sheet must have the name of a director printed on it and must be signed by a director.

Accounting standards

Your statutory accounts must meet either:

  • International Financial Reporting Standards
  • New UK Generally Accepted Accounting Practice

Search online to find out more about the standards, or ask your accountant or tax adviser

Need further information? contact us now