Did you file early to avoid the April 2011 iXBRL filing deadline?
March 1, 2012 14:24 by Andrea Whitehouse
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?