How do I generate an iXBRL file?
•Click on the Generate iXBRL file button on the VT toolbar in Excel
•In the Generate iXBRL file dialog just click OK. That's it! The Taxonomy setting should not normally be changed
What file format is used by iXBRL files?
iXBRL files are written in HTML, the language used by web pages. An iXBRL file can be displayed in your web browser by double clicking on it.
In addition, XBRL tags are buried within the HTML but are not visible in a standard web browser. These tags can only be seen in specialist software such as VT Fact Viewer or Corefiling’s Magnify (Corefiling are HMRC’s consultants). An iXBRL file can be opened in VT Fact Viewer by right clicking on it and choosing Open With VT Fact Viewer from the pop-up menu (or by choosing the Open command from within VT Fact Viewer itself).
HMRC's computers only see the tagged items that are shown with a yellow background in VT Fact Viewer. However, if your accounts or tax computation are ever reviewed by a human being at HMRC, they will see all the text that you normally expect to see in a set of accounts or computation (as shown on the Document tab of VT Fact Viewer or in a web browser).
Do I have to tag customisations to the VT templates?
See Tagging Guide
How do I tag customisations or DIY accounts in Excel?
See Tagging Guide
Can I generate an iXBRL tax computation file using VT?
Yes. The company workbooks contain a simple tax computation. The tax computation consists of three sheets (TaxCompData, TaxComp and CapAllow) that appear towards the end of the workbook.
A tax comp iXBRL file is generated separately to the accounts iXBRL file by clicking on the Generate iXBRL File button and choosing the Tax Computation option. The tax computation is normally prepared in the same workbook as the accounts. However, this does not have to be the case because the iXBRL files are two separate files.
Most corporation tax filing packages already include a corporation tax computation but you may find it more convenient to use the one in VT. You will need to attach two files to your tax package if you use VT's tax comp (the accounts iXBRL file and the tax comp iXBRL file).
You can also tag your own corporation tax computation in Excel using the Set Tag (Easy) and Set Tag (Comprehensive) buttons.
What about filing accounts with Companies House?
The VT Accounts download has includes VT Filer, a small application that files iXBRL accounts files with Companies House. You can also file accounts on paper indefinitely with Companies House.
When I review my iXBRL file in VT Fact Viewer, some of the cells I was expecting to be tagged are not. Why is this?
I have customised my workbook. Do I need to tag my changes?
Customisations do not currently need to be tagged. See Tagging Guide.
Can VT Final Accounts produce an iXBRL file that is not valid?
VT Final Accounts is designed so that it can only produce technically valid iXBRL. VT will always either give you an error message or produce a valid file. This does not mean to say that the tags are the correct ones, just that they will get past HMRC's computers.
What do HMRC do with the iXBRL file?
VT understands (but cannot be sure) that the tagged data is automatically analysed and the accounts given a risk assessment score. This is used to create a pool of cases that may then be investigated further. It hard to know how many of the potential 100,000 usable tag combinations in the full UK GAAP taxonomy are looked at by the risk analysis program, but VT's guess is that it is under 1,000.
What do Companies House do with the tagged data?
Companies House use a small handful of tags to check some mandatory wording and the presence of signatures and audit reports.
A few users have reported that Excel hangs when they save a tagged company accounts workbook. This can be due to a large file size arising from a large amount of tagging information in some company accounts workbooks. One user reported that this was caused by their virus checker blocking .xlsx files. The workaround is to save the file as a .xls workbook (i.e. choose the Save As Excel 97-2003 option when you first save a new workbook).
Date format changes to US
All of VT's application run correctly in Windows 10.
However, when some PC's are upgraded to Windows 10 the date format is changed to an American format. This upsets some features of VT such as generating an iXBRL file.
To check or change the date format:
•Type Language in the search box on the Windows 10 taskbar and press Enter. This displays the Control Panel>Language window
•In the Language window, ensure English (United Kingdom) is at the top of the list. If it is not listed, click Add a language, select English and then English (United Kingdom)
•Type Region in the search box on the Windows 10 taskbar and press Enter. This displays the Control Panel>Region window
•In the Formats tab of the Region window, ensure English (United Kingdom) is selected