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VT Final Accounts

Navigation: iXBRL

Tagging Guide

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Introduction

The VT workbooks are pre-tagged. You only need to read this guide if you are self-tagging DIY accounts in Excel or choose to tag customisations to the VT templates.

Basics

When you submit an iXBRL accounts file to HMRC, HMRC's computers check that:

The file complies with the various iXBRL specifications (in other words, it is technically valid)

A small number of mandatory tags are included

Tags are included that must be present if certain other tags are present. For instance, you cannot tag number of shares without also tagging the description of the share class

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.

VT advise the following:

There is no need to spend a great deal of time perfectly tagging a set of accounts

There is no need to tag customisations to the VT templates

VT know of no case of HMRC rejecting accounts prepared using VT because of incorrect or inadequate tagging. There are no penalties for incorrectly tagging accounts.

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.

If the number does not match, your CT600 will be rejected with the error message 1606: The UKCompaniesHouseRegisteredNumber in the accounts must match the RegistrationNumber in the CT600. There is no other cause of this error.

Tax computation compared with CT600

The following checks are carried out by HMRC:

The 10 digit tax reference (per the Workbook Properties dialog in VT) must match that in the CT600

The date of the end of the period covered by the tax return (per the Workbook Properties dialog in VT) must match that in the CT600

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.

Tagging rules

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.

VTXBRL2

The VT XBRL drop down menu in Excel

There are also buttons for the 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 drop-down menu in Excel.

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:

Select a cell, range of cells or entire column containing the current year tags

Choose the VT XBRL>Copy Including Tags command

Select the comparative cells

Choose the VT XBRL>Paste Tags Only As Comparative command

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:

Acquisition of own shares

Loans to directors

Related party transactions

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:

1.Select the first row by clicking on its row number

2.Without letting the mouse button up, drag down over the other row numbers

3.Click on either of the Set Tag buttons

Please note that blank rows between paragraphs need to be included in the selection in the above instructions.

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 VT workbooks and the Set Tag (Easy) dialog.

If you do show the aggregate amount in the debtors note, you can use the tag for Loans to Directors shown in the Debtors note in the Set Tag (Easy) dialog.

Disclosure of loans to directors is a requirement of the Companies Act 2006 and may also require disclosure in the related party transactions note. Disclosure of related party transactions is required by accounting standards.

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, you can use the Loans from Directors tag in the Notes and Detailed disclosures section of the Set Tag (Comprehensive) dialog.

Disclosure of related party transactions is required by accounting standards.

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:

1.Select the Workings sheet

2.Temporarily include the Workings sheet in the accounts to be printed/tagged by choosing the VT XBRL>Include Sheet In Group command. If this is not done, you will be prompted to do so when you click the Set Tag button

3.Click the Set Tag (Comprehensive) button

4.In the Set Tag (Comprehensive) dialog, change the category in the upper right part of the dialog

Fixed asset note in DIY accounts

If a suitable category does not exist in the Set Tag (Easy) dialog:

Tag the cell with any category in the Set Tag (Easy) dialog

Click the Set Tag (Comprehensive) button

In the Set Tag (Comprehensive) dialog, change the category in the upper right part of the dialog

To fill a category down a column:

Select the top cell

Choose the VT XBRL>Copy Including Tags command

Select the other cells and choose the VT XBRL>Paste Dimension/Group Tags Only command

A quick way to tag an entire fixed asset note is to:

Tag the first column

Using the commands on the VT XBRL menu, copy and past the first column into the other columns, including the total

Change the tags in the top row to show the correct category

Select the top row

Choose the VT XBRL>Copy Including Tags command

Select the other rows and choose the VT XBRL>Paste Dimension/Group Tags Only command