CoreFiling's Seahorse accounts tagging tool gains recognition in HMRC Corporation Tax Online software list
Oxford, 23rd March 2010
CoreFiling, a leading supplier of XBRL (eXtensible Business Reporting Language) and iXBRL (Inline XBRL) tools to filers, regulators and government agencies, has announced that HM Revenue & Customs ("HMRC") has recognised CoreFiling in its list of commercial software suppliers.
HMRC has mandated the iXBRL format for Company Tax Returns from April 2011. Until now, that has presented a problem for accountants and companies who have to convert accounts from MS Word or Excel into iXBRL. CoreFiling's Seahorse accounts tagging tool now provides the solution by performing predictive, intelligent iXBRL tagging of financial statements.
The new online filing format is required for all companies filing after 1st April 2011 in respect of accounting periods ending after 31st March 2010. Seahorse, which runs inside a web browser, automates the selection of the appropriate tag for each accounting element in the company's accounts. Users will be able to accommodate Seahorse within their existing processes, and will not need special knowledge of XBRL.
CoreFiling's CEO, John Turner, commented: "We are delighted that HMRC has now tested Seahorse and included CoreFiling in the guide. Over recent weeks we have had the opportunity to demonstrate the product to potential users during a series of country-wide road shows organised by the ICAEW, which provoked some very positive feedback."
For more information see: http://www.hmrc.gov.uk/efiling/ctsoft_dev.htm