Minimum tagging disappears with the arrival of the new FRS taxonomies

Since the introduction of HMRC’s iXBRL mandate in April 2011, the subject of minimum tagging has been the subject of considerable debate.

Back in early 2013 at the end of the so-called HMRC ‘soft landing’ period it was widely reported that HMRC’s published minimum tagging list, introduced alongside the April 2011 iXBRL mandate, would be abandoned in favour of full tagging of the accounts documents that accompany the CT600 form and computations. Many breathed a huge sigh of relief when that proved not to be the case.

Under UK GAAP and minimum tagging it was possible to tag using only a small subset of the full taxonomy, which, if done correctly, would allow the document to be accepted at the Government Gateway. Continue reading “Minimum tagging disappears with the arrival of the new FRS taxonomies”

Not just a COTS product company… CoreFiling offer integration expertise to assist the wider XBRL community

CoreFiling are well known as producers of excellent COTS software products for regulatory markets around the world, helping both filers and regulators to take full advantage of XBRL technology.

What is less well known perhaps is that the company has an excellent knowledge of enterprise platforms and the necessary componentry when it comes to the integration of XBRL technology into the wider organisational infrastructure, particularly other vendors’ Analytical, Business Intelligence, Data Integration or B2B Process Integration platforms. This gives CoreFiling a distinct advantage as we are able to offer:

  • in-depth expertise and advice to customers and partners in the understanding of how to undertake complex integration projects
  • SOA style integration into existing infrastructure

Continue reading “Not just a COTS product company… CoreFiling offer integration expertise to assist the wider XBRL community”

CoreFiling at the SID4GOV 4th Supplier Engagement Conference – 2nd June 2014

On 2nd June CoreFiling was proud to participate in the 4th Supplier Engagement Conference, supported by the Cabinet Office and several other HM Government departments, illustrating the Government’s continuing commitment to the SME agenda.

The Government’s stated target is that 25% of all direct and indirect central government spend should be with SMEs by 2015. The aim of the conference was to explain to the audience, consisting of around 300 representatives from the SME community and government departments, the progress achieved in engaging and conducting business with the SME community.

The Rt. Hon. Francis Maude, MP, Minister for the Cabinet Office, delivered the conference Keynote Address – ‘The Importance of SMEs to Government’. He focused on the advantages offered by SMEs, who make up 99.9% of UK businesses and provide economic stimulus as well as developing innovative products, and acknowledged that the days when Government dealt with only a small number of larger vendors are long gone. His key message was that working with SMEs promotes better value for taxpayers’ money and provides an engine for economic growth. He stressed the importance of IT companies and as an example, he cited the G-Cloud initiative, part of the new digital agenda, which has seen some £175M worth of Government contracts let under this umbrella.

In turn, SID4GOV (Supplier Information Database for Government) marks a new initiative to help match Government requirements against SME capabilities, while removing many of the previous business obstacles. For example, in the past suppliers had to complete a Pre-Qualification Questionnaire (PQQ) that would almost always automatically exclude SMEs from the tender process, as there was an expectation that suppliers should be able to handle all aspects of the project. SME capability is now fully explained on SID4GOV, making it easier for prime contractors to include SMEs as part of wider bids.

The Conference also debated the fact that some SMEs prefer to engage directly with Government departments rather than the larger vendor prime contractors. SCC and HMRC Aspire (Cap Gemini) both offered a perspective on this.

Ian Hicks, CoreFiling’s Director of Professional Service, took part in a joint presentation with Dave Henderson, SME Champion – Commercial Directorate, HMRC, and Adele Every, SME & Innovation Champion, HMRC Account, Capgemini. Entitled ‘Working in Partnership: HMRC, Capgemini and the SME community’, this session explored how HMRC has worked with Capgemini to build a supplier base from amongst the SME community in order to bring on board innovative solutions, and profiled CoreFiling as an example of successfully working together. Adele explained some of the success factors when dealing with SMEs, pointing to the need to engage with SMEs early in the bid process, helping them to recognise the long cycle times and being honest if the proposed SME innovation does not fit well within the confines of the project. Of particular interest was the need to provide SME-friendly terms, such as prompt payment, to ensure a sound relationship. Ian provided the real-life example of how CoreFiling has worked very effectively with HMRC and Capgemini, pointing out that it can be frustrating when decisions are delayed, but that ultimately a successful project can lead to a sound basis for ongoing business. In CoreFiling’s case, it led to additional projects in other sectors. Ian pointed out that Capgemini engaged with CoreFiling at an early stage in the projects and employed a ‘light touch’, which really helped promote a successful relationship.

A Home Office representative, John Fernau, offered his department’s perspective on ‘Delivering against the SME Aspiration’. He explained that some of the Government’s SME engagement targets can be challenging, particularly since the majority of the projects within his department are large-scale and only substantial suppliers are in a position to prime those projects; the challenge is persuading large vendors to work together with SME’s.

The conclusion was that the Government continues to be committed to the SME agenda, because there are distinct benefits to be derived: better value for taxpayers’ money through reduced Government spending. As SMEs prosper they create wealth and jobs, so reducing unemployment and fostering growth in the economy, thus resulting in a win-win relationship.

CoreFiling at the HMRC SME Expo

Last week CoreFiling took advantage of an invitation to attend the SME Innovation Expo 2013 in London, organised by HMRC in conjunction with Capgemini.  This high profile event gave an opportunity for small and medium IT suppliers to meet with a wide range of people from HMRC and other government departments.

CoreFiling was proud to be chosen to represent the SME community as one of only two companies profiled as ‘exemplars’ of effective working together with government.  During the morning plenary session we shared the platform with Skyscape for informal Q & A giving insight into how to work successfully with a government department, the impact it can have on the business and some of the challenges that SMEs face.  The role CoreFiling played in the invention and pioneering of iXBRL was also recognised during the presentations, which highlighted HMRC’s Company Tax filing project as the world’s largest, highly successful XBRL implementation.

The Keynote Speaker was Stephen Kelly, Chief Operating Officer at the Cabinet Office, who emphasised that under the Digital by Default agenda, there are excellent opportunities for SMEs to help drive efficiencies and offer cost-effective services.

Mark Hall, HMRC CIO, spoke about how HMRC is being transformed into a digital business, needing a different approach to delivering IT services.  Increasingly, this means using a new SME ecosystem that can meet the growing imperative for agility as well as a range of new products and services.  The key message was that:  “HMRC is open for business with SMEs.”

Bill Cook from Capgemini gave a talk about ‘Supporting the SME agenda within government’, which again emphasised the role that companies such as CoreFiling can now play within government IT and how this aligns with Capgemini’s role as a Solutions and Systems Integrator within the new HMRC structure.

During the afternoon, twelve SME organisations exhibited their products and services to delegates from government departments such as HMRC, Cabinet Office, DWP and Ministry of Justice.  CoreFiling and the other exemplar company, Skyscape, were on hand to discuss with other SMEs the keys to engaging successfully with government, and to market our own credentials to the visiting government departments.

This was an excellent, very well attended event.  It was heartening to see the government’s increasing commitment to the SME community.

Bad iXBRL tagging experience? Switching to Seahorse® is easy

Many accountants have told us that the iXBRL tagging solutions they chose in the first year have proved unsatisfactory, making the conversion process very painful.  There were lots of reasons behind this:  some processes were too complicated, others overly time-consuming, many more not intuitive enough.  Consequently, many businesses struggled to comply with the HMRC iXBRL mandate.

If this was your experience last year, it’s probably time for a change.

Switching to Seahorse doesn’t mean starting from scratch, as all tables in your document will be automatically tagged using Seahorse’s unique suggestion engine

Tagging accounts can seem an onerous task, but Seahorse makes it really easy to tag both tables and text in Word or Excel documents.  Behind Seahorse lies a powerful ‘learning engine’ that automatically provides confidence-graded tagging suggestions.  You’ll benefit from all the tagging that was put through the system last year, as Seahorse’s suggestions are based on its cumulative knowledge of all similar tagging decisions made by the Seahorse user community.  As it’s a SaaS (Software as a Service) solution, it learns from thousands of accounts, not only the ones you have tagged, leading to constantly improving suggestions and exceptional help with your tagging process.  This dramatically reduces the time taken to tag your Word or Excel documents.

Being an internet based solution there’s no IT overhead, no software to install, no software updates and no maintenance worries.  Taxonomies will always be up to date.

And if you’re wondering what happens in subsequent years, rest assured that Seahorse retains all the tags you choose, so they can be easily reapplied to make the process even faster and simpler in the future.

Avoid the pain, harness Seahorse.

Year two tagging – how fast can you go?

We again return to the subject of year two tagging.    We’ve talked in the past about how Seahorse can re-apply the tagging decisions already selected and confirmed in previous years’ tables and text.  The issue today is speed of tagging –  making the process as fast and painless as possible.

Seahorse has extended the ‘roll-forward’ process still further to make tagging even faster.

Both comments and footnotes can now be carried forward and reapplied in a similar way, simplifying the task further.  Comments are transferred without the need for any user input, and footnotes can be confirmed in the same way as other tags.

Accelerating the process still further, there’s now an automatic confirmation option.  So, where there are exact matches between table rows and columns in both previous and current documents, Seahorse can reapply the tags automatically without the need for manual intervention.

Just in case you were wondering, discretionary use of this facility is available, so you still retain full control over whether or not to deploy automatic confirmation of identical data.  However, we think that many users are likely to opt for this extra time saving measure.

How long will it take to tag your year two accounts?

Seahorse speeds up year 2 HMRC filing

 

With the starting month for year 2 iXBRL filing rapidly approaching, Seahorse can help you dramatically reduce the time taken to tag this years’ accounts. If you’ve already been converting documents to iXBRL using Seahorse, you can now migrate the tags from your existing accounts to the next year’s accounts, without losing any of your original tagging decisions. Seahorse will still auto-tag any remaining items not contained in the earlier document. The migrated items should already be correct from the previous year’s filing, so very few changes should be required. As a result, the review process will be shorter and the whole year 2 tagging procedure will take significantly less time now that you don’t have to start again from scratch.

As an added bonus, you can also re-use your tagging decisions to speed up the tagging of accounts for several different companies within the same corporate group.

 

Seahorse iXBRL tagging of Excel accounts released

As promised in early September, the new version of Seahorse has just been released, providing full conversion of Microsoft Excel accounts to iXBRL format, ready for HMRC Corporation Tax filing.

There’s no need to change the way you currently work. Just take your Excel accounts document and let Seahorse apply the appropriate iXBRL tags. The process replicates the same automatic tagging approach that has been so successful in the conversion of Word accounts. It also features the same ‘round-tripping’ functionality that allows you to make changes to your accounts outside Seahorse and then re-import the Excel document back into Seahorse without losing any pre-existing tags.

A fully validated iXBRL document emerges, ready for submission to HMRC as part of your CT filing.

So, don’t change your existing process. Let Seahorse simplify and streamline your tagging of Excel documents.

License Seahorse through our partners.

Seahorse iXBRL Excel conversion – a sneak preview

It’s official – Seahorse can now help you tag your Excel based accounts. The beta version of our fast, accurate Seahorse iXBRL conversion tool is now available for demonstration.

The final production version will be available later in September. The beta version shows how accounts documents created in Excel can be uploaded to Seahorse and tags applied in a similar manner to the auto-tagging of Word accounts. If you’re an existing user of the Word version of Seahorse you’ll find the workflow very familiar, including the same intelligent tag suggestion process designed to speed you through tag selection.

So, if you’re currently using Excel to create your accounts and have no wish to change your process in order to comply with HMRC’s mandate for the filing of Corporation Tax accounts in iXBRL, look no further. Seahorse provides the perfect solution for Excel users, so get in touch with one of our Seahorse partners today!

Reviewing iXBRL Filings II

My previous blog post talked about review sheets in Seahorse™. However, even if you’re not using Seahorse, you can still check the quality of your iXBRL documents prior to filing. Why is this important? Because even though HMRC has indicated they will not penalise filers who make best endeavours to comply with the mandate, their guidelines also state that incorrect or missing tags may in certain circumstances prompt further risk assessment and follow-up.

Enter Magnify™, our desktop document review tool. Magnify uses a checklist approach to guide you step by step through an assessment of your iXBRL document. Wherever possible it performs automated tests, verifying calculations and highlighting any discrepancies and errors. No matter whether you produce your iXBRL in-house, use the output from an accounts production package or outsource the whole process to a third party, Magnify gives you that extra peace of mind knowing that you’re submitting quality documents that will pass the HMRC gateway without issue.