How Seahorse® works for HMRC filers
Seahorse iXBRL document creation process
Intelligent iXBRL tagging
Accessed via a standard internet browser, Seahorse intelligently tags the numeric data and free text held in Microsoft® Word or Excel documents, using the appropriate taxonomy (UK GAAP, IFRS, FRS 101, FRS 102, Charities or Banking). Its learning engine enables Seahorse to make smart, predictive tagging decisions, based on the cumulative knowledge of the accounting professionals that have used it to tag their documents. This means that you do not have to trawl through the taxonomy each time to find the appropriate tag.
Reusable iXBRL documents
If amendments need to be made to the Word/Excel documents, they can be made without losing the tags already applied. In a similar manner, the completed document can be exported and filed, ready to be used again the following year, complete with existing tags, leading to even faster tagging in the future.
Streamlined review process
The software incorporates a ‘traffic light’ system to prioritise review activity, with an intuitive, split screen view for rapid cross-referencing of tags against the taxonomy or any other reference material. Offline review of all tagging choices, including any decisions not to tag, is available via an Excel spreadsheet, into which the tagging team can insert explanatory comments. This is an invaluable document in support of the final document sign-off.
Exporting the iXBRL document
The final iXBRL document can then be exported and appended to the CT600 and tax computations ready for filing via the HMRC gateway, or filed directly with Companies House.
Introducing the new FRS 101 and FRS 102 taxonomies
Reporting in UK GAAP is about to disappear to be replaced by the new FRS 101 and FRS 102 taxonomies that take effect for reporting periods beginning on or after 1st January 2015. Download our FRS 101/102 white paper to learn more.
Take a look at the benefits you can derive using Seahorse to tag your accounts.