Silverfin

Silverfin Corporation Tax Webinar: Automation & Filing

The Silverfin Corporation Tax Webinar presents how Silverfin’s fully cloud-based, AI-enhanced working paper platform automates and streamlines corporation tax compliance by eliminating manual spreadsheets and fragmented legacy software, enabling direct filing with HMRC and seamless integration with other accounting tools via open APIs.

Discover how Silverfin eliminates repetitive tasks, error-prone spreadsheets, and wasted time with an intuitive, automated system that files directly with HMRC.

Good morning, everyone. My name is Mark, and this is the latest of the Silverfin deep dive webinars. We’ll be honing in on a particular part of the platform. Today’s topic is all around our corporation tax module. As a rough agenda, I’ll spend about five to ten minutes giving a general overview of who we are, what we do, and a broader overview of the platform. Then my colleague Curtis will take us through the demonstration.

A couple of housekeeping notes: There is a Q&A option open throughout, so feel free to submit questions as we go. At the end, there will be a one-question poll to help us understand your next steps in evaluating Silverfin.

The Problem with Current Compliance Technology

We strongly believe that the compliance technology in most firms is outdated and limiting your potential. Many firms still rely heavily on Excel and legacy accounts and tax preparation software developed over a decade ago. This holds firms back in terms of efficiency and capacity. Whether you want to grow, offer more services, or simply manage your workload, having the right technology stack is crucial.

Many firms have a fragmented tech environment with disconnected data, processes, and workflows. Even with the adoption of cloud software, you can end up with good technology that doesn’t integrate, leading to siloed data and inefficiencies.

How Silverfin Fits In

Silverfin is primarily a working paper solution that is completely cloud-based. There is no legacy on-premise element. The core foundation is working papers, from which you can produce annual accounts, budget tax, and management reporting. AI is integrated throughout the platform to enhance efficiency.

Silverfin does not handle bookkeeping, e-signing, or practice management directly, but integrates with those platforms through an open API. This allows you to build a best-in-breed tech stack tailored to your needs, connecting cloud solutions via APIs.

Platform Workflow

The platform is modular. You can use only the parts you need—accounts, tax, client portal, AI, etc. The more modules you use together, the greater the efficiency gains.

Silverfin is powered by bookkeeping data and is agnostic to the source. It synchronizes with platforms like QuickBooks, Xero, and others. Even if your clients use desktop or Excel-based solutions, all that’s needed is a trial balance. Once data is in the platform, it is converted to a standard Silverfin chart of accounts using machine learning and AI. This standardization enables consistent workflows and the ability to query client data for trends and benchmarks.

The open API links to HMRC and Companies House, allowing bidirectional data flow for submissions and data population. The optional Pulse client portal enables client collaboration, document sharing, and e-signing.

AI is deeply integrated, assisting with data mapping, workflow suggestions, quality checks, and anomaly detection. This proactive approach helps identify issues before deadlines and acts as a training tool or safety net.

The review and collaboration features allow for structured review processes, custom checklists, and real-time collaboration across the platform. Integration with Mercia enables structured review formats.

Return on Investment

Silverfin delivers efficiency and capacity gains from multiple angles:

  • BKL: Achieved jobs taking half the time compared to previous solutions.
  • Hurst: Freed up time to generate an extra £200,000 in their business outsourcing unit.
  • PKF Francis Clark: Increased the number of reviews, ensuring higher quality work.

Silverfin is suitable for firms of all sizes, not just large ones. It addresses challenges like growth, efficiency, capacity, and quality control.

Currently, Silverfin serves around 1,100 accounting firms, including about 40% of the UK Top 100. The platform is used globally, with a strong presence in the UK and Benelux regions.

Silverfin is backed by Visma, a large European group specializing in cloud accounting, bookkeeping, and fintech software, providing stability and expertise.

Demonstration of the Corporation Tax Module

Curtis:

The corporation tax product is designed to help you complete and submit tax returns faster and more easily. This is achieved through connected data, eliminating manual work and reducing review time, as data only needs to be reviewed once.

Data Mapping

When a client is set up, their nominal accounts are mapped to the Silverfin chart of accounts using the AI assistant. This mapping determines the tax treatment and which schedules are included in the return.

Workflow Structure

A workflow in Silverfin is any piece of work completed within the platform (e.g., working papers, accounts, corporate tax workflow). The tax workflow is laid out intuitively, with schedules structured in the typical completion order: general information, profit and loss, balance sheet, and tax disclosures.

  • Across the top, there is a snapshot of financial headlines and a progress bar showing workflow completion.
  • Templates with a green circle are reconciled; those with an orange triangle need more data or are not reconciled.
  • Information flows automatically from working papers, so as working papers are completed, the corporate tax workflow progresses.
  • Symbols at the top allow filtering by to-dos, checks, unreconciled items, and starred templates.

Key Schedules

  • CT Overview: For informational purposes, with dynamic references to each template.
  • Return Information: The control center for configuring company and tax return parameters, which determines which templates and fields are active.
  • Profit and Loss and Other Comprehensive Income: Data flows automatically from mapped nominal codes, with default tax treatments assigned. These can be overwritten as needed. Detailed analysis can be added for accounts requiring multiple tax treatments, and ledger details can be pulled from the bookkeeping system.
  • Pension Contributions: Pension balances are pulled into the relevant CT template, and reconciliation confirms the amounts.
  • Trading Income: Shows relevant adjustments and allows navigation to underlying templates.
  • Tangible Fixed Asset Summary: Automatically pulls the reconciled fixed asset register into the template. Additions and disposals feed into the CT templates, and tax treatments can be selected for each addition.

Tax Calculation and Submission

  • Taxable Income: Adjustments flow into this schedule, summarizing all income streams, gains, losses, and reliefs to arrive at total taxable profit and loss.
  • Losses Memorandum: Relevant losses or reliefs can be allocated and carried forward.
  • Tax Calculation Template: Provides the CT liability for the year, which flows into the CT600 form.
  • Submission: The iXBRL CT submission can be generated and submitted directly to HMRC via Silverfin’s API integration. Accounts and detailed P&L can be attached to the return. PDF exports of the tax computation and CT600 can be generated for clients.

For demo data, the submit to HMRC button is not available, but in a live environment, users can test submissions, connect accounts, and submit directly to HMRC.