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A screenshot of the Silverfin Corporation Tax product
Silverfin

Silverfin launches corporation tax tool

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Post-bookkeeping platform Silverfin has made its new corporation tax module available to all accounting firms using its cloud software as the vendor continues to bulk up its UK feature set.

29th Mar 2023
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Released following a series of beta tests, Silverfin’s corporation tax module aims to improve the efficiency and accuracy of accounting firm CT600s and tax computations.

Launched in the UK four years ago, the Belgian cloud vendor targets the automation of core accounting work. It concentrates on a select number of key functions for the post-bookkeeping arena,  including digital working papers, accounts production and management reporting.

Data is imported from the firm’s chosen bookkeeping tools or spreadsheets and mapped into Silverfin’s own standardised chart of accounts. When accountants prepare working papers, this data then flows into year-end accounts and tax computations and schedules. If the source bookkeeping or work paper data changes, this will be carried through automatically into Silverfin’s accounts production and corporation tax templates.  

Screenshot of Silverfin's corporation tax product
Silverfin

The corporation tax tool features built-in tax logic and computation throughout its workflow and automatically suggests tax treatments based on Silverfin’s standardised data. Once the tax work is reviewed and approved, the accountant’s computations and CT600 are automatically iXBRL tagged and can be submitted online to HMRC.

Key features listed on the Silverfin product page include:

  • supports key CT600s and client types
  • a broad set of schedules and calculations, including fixed assets (super deduction, 50% first-year allowances, etc), losses (carry back and offset analysis), R&D (SME R&D relief & RDEC), tax accounting and disclosures
  • connecting data from bookkeeping systems, working papers and accounts means no need for data export/import
  • automated allocation of tax treatments for the P&L account
  • iXBRL tagging and one-click e-filing with HMRC
  • roll forward to eliminate the need to upload year-end accounts each year
  • smarter collaboration thanks to integrated communications and workflow review
  • automated and connected reconciliations reduce manual errors
  • workflows built by leading UK tax experts based on the latest legislation, and updated in line with statutory guidance.

Nick Gianitsis, Silverfin’s UK head of product, told AccountingWEB the product “rounds off” the vendor’s offering in the mid to larger accounting firm space.

“The corporation tax module is huge for us,” said Gianitsis. “The feedback we got from beta testing was that thanks to the module, corporate tax work was taking accountants a fraction of the time it was taking them before. Having everything in one place, not having to download and upload data into different tools, made a huge difference.

“If firms have a separate tax team that does the tax work or needs to review it, you also have the ability to communicate and collaborate in one place on Silverfin by adding comments, rather than emailing or communicating on another channel,” added Gianitsis.

Similar to its Accounts Product and Management Reporting offerings, Silverfin’s Corporation Tax tool is considered an extra bolt-on module to its core hub of Work Papers and Communications. Users are charged per file, and can pay upfront or as they go. For pricing specifics contact Silverfin via its website.

Replies (3)

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By Hugo Fair
29th Mar 2023 17:53

Presumably aimed at larger organisations (and mainly end-users not practices)? It is always useful to know a little about target markets, so as to gain insight into what drives their development.

On the surface it sounds like a 'cute' (aka maverick) concept, whereby they impose their 'standards' on a 'hub' from which all the claimed benefits will flow ... which, if true, will depend on how good they are at sucking in data to the hub from varying book-keeping packages (so that the effort/pain doesn't undermine those benefits) AND on their core functionality remaining light years ahead of what the book-keeping packages add on themselves.

Possibly a risky investment - but interesting.

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Replying to Hugo Fair:
Tom Herbert
By Tom Herbert
29th Mar 2023 21:26

Thanks Hugo. I do mention the company's target market towards the end, but appreciate it's a bit buried in the detail. Will bear that in mind for future write-ups :-)

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Replying to Hugo Fair:
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By Vicky Nicholls
30th Mar 2023 14:18

Hi Hugo, Silverfin is aimed for mid-large accounting firms, not businesses.

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