VT Final Accounts
Tagging guide
Contents
Introduction
Basics
Mandatory tags
Cross document validation
checks
Calculation checks
Tagging rules
Date formats
Instructions for
using the XBRL commands
Cut, Copy and Paste
Tagging
comparatives
Sign convention
Paragraphs of text
Multiple paragraphs
of text
Detailed
profit and loss account
Loans to directors
Amount due to
directors
Transactions
with directors
Fixed asset note in
the VT templates
Fixed asset note in
DIY accounts
Introduction
The VT workbooks are pre-tagged. You only need to
read this guide if you are self-tagging
DIY accounts in Excel. The current HMRC guidance in
Managing the transition is that customisations in accounts production
packages do not have to be tagged. You can nevertheless choose to do so. The
exact guidance is as follows:
"HMRC will not reject any return where you have made a reasonable attempt to comply with the iXBRL requirement. For example they will accept annual accounts which have:
HMRC have also made it clear in the same document that there are no penalties in law for incorrectly tagging a set of accounts.
Basics
When you submit an iXBRL accounts file to HMRC, HMRC's computers check that:
VT only produces iXBRL that is technically valid. It also warns you and will not create a file if any mandatory or matching tag is not present.
In view of the guidance in HMRC's document, Managing the transition, VT advise the following:
Mandatory tags
VT automatically inserts some of the mandatory tags into a hidden part of the
iXBRL file based on the settings in the Workbook
Properties dialog. These can be seen in VT
Fact Viewer at the end of the list on the Facts tab. The only other mandatory tags are
as follows:
A set of DIY accounts in Excel with only the above extra tags will get past HMRC's computers, but you run the risk of manual intervention and your Corporation Tax return being rejected some time after it has been submitted. This is discussed more fully in Managing the transition.
All the mandatory tags required for a corporation tax computation are automatically included based on the settings in the Workbook Properties dialog
Cross document validation checks
Accounts compared with CT600
There are potentially 100,000 different items of data that you could tag with
the full UK GAAP taxonomy, but HMRC check the value of only one item in the
accounts on submission. A check is carried out to ensure that the company
registration number in the accounts (per the Workbook Properties dialog in VT)
matches that in the CT600 exactly.
A common error is to inconsistently treat a leading zero. If the number does not match, your CT600 will be rejected with the not so helpful message Information within the accounts does not match that on the CT600. There is no other cause of this error. More...
Tax computation compared with CT600
The following checks are carried out by HMRC:
If either of the above do not match you will get the message Information within the computations does not match that on the CT600. There are no other causes of this error.
See also: Corporation tax accounting period different to that in the statutory accounts
Tax computation compared with the accounts
No checks are carried out by HMRC on submission comparing the tax computation
with the accounts.
Calculation checks
Although the XBRL specification does allow for calculation checks, none are
included in the taxonomies used by HMRC. This means, for instance, that HMRC's
computers cannot detect if your debtors note does not add up. Equally, there is
no problem inserting an untagged line into the accounts if necessary.
If a tag exists for an item, it must be tagged. In other words, if no tag exists for an item it is not tagged
Each instance of a repeated item of data must be tagged (with the same tag)
iXBRL does not alter what you disclose in a set of accounts. Disclosures are governed by company law and accounting standards. You do not need to disclose an item of data just because there is a tag for it. In practice, because of software limitations, iXBRL may force you to alter the layout of the some of the data (see Paragraphs of text below). iXBRL may also remind you that you have not been fully disclosing certain items!
The repeated items of data rule does not give HMRC's computers any additional data, but will show if numbers that should be the same in different parts of the accounts are not. For instance, the balance on the profit and loss account at the end of the comparative year should equal the amount carried forward at the beginning of the current year. These items have the same tag and so VT will give you a warning if they are not equal. If VT did not do this, your iXBRL file would be rejected by HMRC's computers when it is submitted.
The repeated items of data rule should not be over interpreted. Some firms like to show the company name on the cover sheet entirely in uppercase. If you tag the name on the cover sheet you will get a warning message as it will conflict with the name elsewhere. There is no tag for Company name in uppercase and so you can legitimately remove the tag from the company name on the cover sheet.
Date formats
Most common date formats are recognised by iXBRL, but rather oddly the month
must not all be in upper case. Hence 31 MARCH is not acceptable. A format such
as 31st March is also not recognised. Arguably, no tags exist
for these formats and hence you do not need to tag them. There will be no
problem with validation by HMRC as VT automatically inserts all mandatory dates
into a hidden section of the iXBRL file, based on the settings in the Workbook
Properties dialog.
Instructions for using the XBRL commands
All the iXBRL commands are on the VT XBRL drop
down menu in Excel. There are also buttons for
Generate iXBRL File command and for the Set
Tag commands on the VT toolbar in Excel.
To tag the data in a cell, select the cell and click on either of the Set Tag buttons on the VT toolbar:
Set Tag (Easy) This dialog presents the most commonly used tags in the form of a simple set of accounts. Select an item with a yellow background and click on the OK button, or just double click on an item. Items that do not have a yellow background do not need to be tagged (because no tag exists for them). Items with a grey background are either not in the minimum tagging version of the taxonomy (and the full version is not selected in the Taxonomy dialog) or are comparatives (and the comparatives option is not selected in the Workbook Properties dialog). The Easy option is currently only available for small companies
Set Tag (Comprehensive) This dialog lists all the tags available in the taxonomy. It is harder to use than the Easy dialog
If you are doing a lot of tagging, tick the Quickly show this dialog by double clicking option in the tagging dialog. You can then double click on a cell in Excel to display the dialog.
The tag that has been applied to a cell is shown on the status bar at the bottom left of Excel.
To remove a tag, select a cell or range of cells and choose the Remove Tag command from the VT XBRL menu.
Cut, Copy and Paste
The Excel Copy and Paste commands do not copy and paste tags. To overcome this,
VT have put special copy and paste commands on the
VT XBRL menu that do apply to tags. These commands can also be used to copy
tags from one workbook to another.
The Excel Cut and Paste commands do apply to tags provided the data is moved within a worksheet. Cut and Paste should not be used to moved tagged data to a different worksheet.
Tagging comparatives
Comparatives can be quickly tagged as follows:
Sign convention
The sign convention in XBRL is that amounts are normally expected to be
positive. If you show an item such as creditors as minus in the balance sheet,
select the reverse sign option in the Set Tag dialog. In the Easy
dialog, the option is on the status bar at the bottom. You will often find that
it has been preset the expected way.
Paragraphs of text
You cannot separately tag different items of data contained in the same
paragraph of text. VT considered that this was just too difficult to build into
Excel. To accommodate this in the VT workbooks, the following notes were broken
down into tables:
If you are tagging DIY accounts in Excel and these notes are not in tabular format, after reading Managing the transition you may decide that you do not currently need to.
If you tag a line or paragraph of text with a tag that expects a number, VT automatically selects and tags the first number that appears in the text. This does not apply to the company registration number as this can consist of letters and numbers.
If you tag a line or paragraph of text with a tag that expects a date, VT automatically selects and tags the last date that appears in the text.
Multiple
paragraphs of text
If a single tag needs to be applied to several
rows of text that together form a whole, you can apply a combined tag to them as
follows:
Please note that blank rows between paragraphs need to be included in the selection in the above instructions.
Detailed profit and loss account
There is currently no requirement to tag the detailed profit and loss account under the
minimum tagging rules. The detailed profit and loss account can
nevertheless be included untagged in the iXBRL accounts file. See also
The conundrum of the detailed profit and
loss account.
Loans to directors
There is no requirement to disclose the aggregate of loans to directors in the
debtors note. However each individual loan and the total does need to be
disclosed. The disclosures and tags are shown in the Loans to directors
note in both the the VT workbooks and the Set Tag (Easy) dialog.
If you do show the aggregate amount in the debtors note, you can use the tag that appears for the foot total in the Loans to directors note in the Set Tag (Easy) dialog.
Disclosure of loans to directors is a requirement of the Companies Act 2006. The requirement applies to both the full accounts and the abbreviated accounts.
Amount due to directors
There is no requirement to disclose the aggregate of amounts due to the
directors in the creditors note. However these items may fall to be disclosed
in the Related party transactions note.
If you do show the aggregate amount in the creditors note, no tag exists for it and hence it cannot be tagged.
Disclosure of related party transactions is required by accounting standards. Hence the disclosures are not required in the abbreviated accounts.
Transactions with directors
The concept of transactions with directors was abolished by the Companies
Act 2006. However, there is nothing to stop you having a note with that title.
The tags can be found in the Loans to directors and the Related party
transactions note in the Set Tag (Easy) dialog.
Fixed asset note in the VT templates
The fixed asset notes in the VT templates contain all the categories required by
the Companies Act 2006 (with the exception of Payments on account and assets
under the course of construction in medium/large companies). You are creating a
lot of work if you add to or rename the categories.
If you do rename the categories, the tags will need altering on the Workings sheet. If you alter them directly on the Notes sheet the changes will be lost when you re-evaluate AutoHide. To change the tagging for a cell:
Fixed asset note in DIY accounts
If a suitable category does not exist in the Set Tag (Easy) dialog:
To fill a category down a column:
A quick way to tag an entire fixed asset note is to:
