CoreFiling’s Seahorse accounts tagging tool gains recognition in HMRC Corporation Tax Online software list

Oxford - 23 March 2010

CoreFiling, a leading supplier of XBRL (eXtensible Business Reporting Language) and inline XBRL (iXBRL) tools to filers, regulators and government agencies, has announced that the UK tax authority, HMRC, has now recognised the company’s Seahorse accounts tagging tool for inclusion in its list of commercial software tested for use in aspects of the production of online Company Tax Return filings.

HMRC requires all UK incorporated companies to file their Accounts and Tax computations in Inline XBRL format as from 1st April 2011. Consequently, many accountants and companies now face a problem: how to turn accounts currently produced in MS Word or Excel into conformant iXBRL. Seahorse provides the solution by performing predictive, intelligent iXBRL tagging of those financial statements.

Seahorse users will therefore not have to change their existing processes. Nor will they need to acquire any knowledge of the underlying technology, as the system is accessed via a normal web browser and selects appropriate tags for each accounting element.

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.”

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