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VT Final Accounts

Navigation: iXBRL

Generating an iXBRL file

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The annual accounts and tax computation attached to a CT600 corporation tax return must be in iXBRL format.

An iXBRL file has the same format as a page on a web site and the accounts or computation it contains can be viewed in any web browser simply by opening the file. In addition, much of the data is specially tagged so that it can also be machine read.

The accounts and computations in the VT workbooks in VT Final Accounts are pre-tagged and iXBRL files can be generated from them at the touch of a button.

To generate an iXBRL file:

Select VT XBRL>Generate iXBRL File from the Add-ins menu in Excel

The program will suggest a location and file name for the iXBRL file in the Destination file name and folder box, however you can change this by clicking on the Browse button

Click on OK to generate the iXBRL file.

genixbrl

The Generate iXBRL file dialog in VT Final Accounts

If you have previously generated an iXBRL file on a particular workbook, or copy of it, the Destination file name and folder box will recall the previous location where that iXBRL file was saved to. Therefore if you wish to save the current iXBRL file elsewhere, click on the Browse button to choose where you wish to save it.

VT Final Accounts can also be used to self-tag any set of accounts or computation in any Excel workbook. For most small companies, custom accounts and computations can be tagged very quickly using a special dialog laid out in the form of a set accounts/computation. No technical knowledge is required.

The iXBRL accounts and tax computation files generated by VT can be attached to third party tax packages for filing a corporation tax return with HMRC. There is a list of HMRC approved products on their website.

The tagged data in an iXBRL file can be displayed and reviewed in VT Fact Viewer.

iXBRL accounts can also be submitted to Companies House using VT Filer.

Taxonomy error when submitting a CT600 from tax software

If you get the following error when submitting a CT600:

Error 3318: The period to which this Return's Accounts applies does not coincide with the effective from/to dates of the referenced Accounts Taxonomy. Please correct and re-submit

This means the XBRL accounts file attached to your CT600 was created using a taxonomy which does not cover the period of the accounts.

This can easily be resolved by downloading the latest version of VT Final Accounts from https://www.vtsoftware.co.uk/vtaccounts/download.htm, then regenerating the XBRL file (you don't need to redo the accounts workbook), saving it under a different name than before and re-attaching the file to your tax software.

Other resources

Many users will not need knowledge of iXBRL, or what needs to be tagged, however if you need to know a bit more about tagging, then you should refer to HMRC's document: XBRL tagging: when, what and how to tag.