"From 1st April 2011, for any accounting period ending after 31st March 2010, all Company Tax Returns must be filled online. As well as this, companies must file accounts and computations in a set format - Inline eXtensible Business Reporting Language (iXBRL)"
HM Revenue & Customs
Many companies have told us that they plan to use their auditors to help them comply with HMRC’s iXBRL filing mandate. The main reason for doing this appears to be the perceived complexity of doing the iXBRL tagging in-house regardless of the costs of outsourcing the process. Our view is that the iXBRL tagging process, with the right solution, does not need to be either complex or costly.
Alui has entered into a partnership with the company CoreFiling. The CoreFiling solution, Seahorse™, is both cost effective and easy to use. The process is extremely simple: You upload your financial statements in Microsoft Word to the CoreFiling secure portal, and then complete the tagging yourself.
The software’s predictive tagging engine ensures that typically 80-90% of the tagging is automatic, with a minimal level of manual tagging required. Compare this with the time taken in other solutions, where each individual figure needs to be manually tagged.
Alui’s iXBRL specialists will always be on hand to support you through the iXBRL tagging process. We already provide mission critical Hyperion financial system support to FTSE 100/250 companies so our expertise in this area is second to none.
If you would prefer for Alui to complete the iXBRL tagging on your behalf, this service is also available.
Click here to find out more.