After the recent EIOPA announcement that the XBRL reporting tool T4U will be decommissioned next month, many filers are now looking for a quick solution to keep their submissions compliant.
At CoreFiling, it’s our business to keep you compliant – that’s why we are proud to announce that we are offering a free trial to our cloud-based regulatory filing platform, Seahorse®. The successor to T4U.
This free trial gives you the opportunity to create one complete filing to submit to a regulator – and even better, users will have three months to explore the software before submitting their filing. Here are just some of the ways in which Seahorse® can help your organisation:
- Seahorse® lets you create fast, error-free XBRL filings. Unlike T4U, its data rendering is XBRL-based, so the reports you send will never have data conversion errors or approximations. The data is 100% accurate every time.
- Seahorse® is hosted in the cloud. Its architecture lets you update taxonomies instantly, with no tedious installations. You can create and view your filings anywhere, any time.
- Seahorse® allows you to easily create XBRL filings in the familiar environment of Microsoft Excel.
How do I sign up?
Trial access is available to anyone. To claim your trial, simply visit our website and fill out the sign up form.
HMRC filers should be aware that Corporation Tax reporting is shortly going to change, with the additional tagging of Detailed Profit and Loss (DPL) statements.
As of October 2013, HMRC will accept submissions against the new DPL taxonomy that has recently been released. Mandatory reporting in line with DPL will, however, come into force for accounting periods ending only on or after 1st April 2014. It will be possible to tag the detailed profit and loss in either the computations or the accounts, but not both. If this happens inadvertently, the filing will still be accepted, but HMRC point out that “this may cause the return to come under further scrutiny, especially if there are inconsistencies with duplicate tagging across the accounts and computations”.
As always, CoreFiling are committed to keeping Seahorse users up to date, and we are already preparing to introduce the new DPL taxonomy into Seahorse at the earliest opportunity, so we’ll have it available for use well in advance of the due date.
Watch for more information shortly.
When iXBRL tagging was first required for Corporation Tax filing and the ‘soft landing’ introduced to allow companies and accountancy firms to understand the new process, HMRC indicated that during the first two years they would exercise some leniency by not investigating companies solely on the basis of poor quality tagging.
However, it can be inferred from this statement that when the ‘soft landing’ does finally expire at the end of March 2013 there will be a tightening of the reporting regime with greater scrutiny and analysis of the tagging.
The need for accuracy and transparency
So, although tagging according to the Minimum Tagging List continues, contrary to what some had predicted, the main result of the expiry of the ‘soft landing’ transitional period will be the need to refocus on the accuracy of the tagging to avoid unnecessary HMRC investigations.
HMRC will expect companies to be transparent in their tax assessment; low quality or limited tagging could be taken as showing a lack of transparency. After March 2013 it can be assumed that HMRC’s risk assessment procedures will be actively looking for anomalies that point towards potential issues.
What are the risks involved in incorrect tagging?
We expect HMRC to use exception-based reporting to identify companies that have ratios well outside the norms for their peer group. If a company is applying incorrect tags to its financials, it is likely to come under the HMRC spotlight in the future.
Minimise the risks with Seahorse®
Using Seahorse companies can mitigate these risks and choose to tag according to the MTL or the full taxonomy. Seahorse makes it easy and the learning engine simplifies the task of choosing the right tag. Speed of tagging and accuracy are the watchwords. We’ve recently seen figures from HMRC reporting that Seahorse reached a 99.9% pass rate at the Gateway, illustrating the accuracy of Seahorse tagging.
With Seahorse you and your clients are in very safe hands.
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.
Perhaps you successfully circumvented the original HMRC iXBRL filing mandate by submitting last year’s Corporation Tax returns early to avoid the April deadline. If so, converting your accounts documents to iXBRL must now be on the agenda. What are the options? Well, if you’ve a number of accounts that you are already producing in Word or Excel, why change your process? Take a look at the advantages of Seahorse.
First of all, there’s help in choosing the appropriate iXBRL tags. Seahorse automatically tags the tables in your Word or Excel document and proposes the most appropriate tag to use. Its intelligent tagging engine harnesses the accumulated learning from all the filings put through the Seahorse system, so its suggestions continue to become more and more refined over time. There’s no need to trawl through the underlying taxonomy to find the tag you need.
If you have a number of accounts to tag within the same group company you can re-use your initial tagging decisions to swiftly create iXBRL documents for additional sets of accounts.
And if you have a formal review and sign-off process for your accounts, Seahorse lets you easily create a spreadsheet that automatically captures all the tagging decisions made and allows comments to be inserted, for example to explain why particular concepts have not been tagged.
Finally, Seahorse is provided over the internet, so you can use it straight from your browser, avoiding the expense of new infrastructure or purchasing a full-blown accounts preparation package and, because the whole process remains under your control, you don’t have to risk sending your data to third parties.
Seahorse remains one of the very few solutions to have experienced no problems passing the HMRC gateway first time. Why? Because not only does it incorporate validation against the Joint Filing Common Validation Checks imposed by HMRC and Companies House, but the underlying XBRL and iXBRL is fully verified during the Seahorse conversion process.
Seahorse takes away the pain of iXBRL conversion of Word and Excel accounts.
What could be simpler?
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.
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.
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!