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The IRIS Accountancy Suite Autumn service pack release version 23.3.1.45 provides you with legislative updates and resolutions to a number of issues, some of which are listed below.
When attempting to file a set of Charity accounts with Companies House it was reported that some accounts could not be filed, owing to an issue with an incorrect heading being added into a taxonomy dimension. We have altered this to allow the accounts to be filed successfully.
When generating a set of group accounts using International Accounting Standards, the Audit Report opinion paragraph included duplicate wording ‘the consolidation’ with no appropriate statement after it. We have amended the report output to resolve the issue.
Within the income statement we have suppressed the line for Gain/Loss on revaluation of assets when the relevant chart codes have not been used.
When preparing consolidated financial statements using International Accounting Standards, the standard accounting policy for group exemption section 401 disclosure was not presenting correctly within the note, even when selected correctly in the data screen. We have amended the note to present correctly.
In the previous release of IRIS, we announced that we had begun implementing functionality to cater for the latest announcement on basis period reform into personal tax. This started with Individuals with sole trades, in this release of IRIS we have implemented functionality to cater for transitional profits for individuals with partnerships.
To recap on the Basis period reform:
The government announced the basis period reform which is a change in the way trading income is allocated to tax years rather than basis periods for self-employed traders, partnerships, and trusts.
This change is due to come into effect as of April 2024, for accounting periods that do not align with the tax year, a transitional profit will be calculated to align to the tax year, with all overlap relief being given.
Businesses who draw up accounts that align to the tax year will not be impacted by this realignment.
The reform has introduced a spreading provision to ease the impact of any additional tax charges on the additional profits attributed to the 2024 transitional year. Transitional profits will spread over five years starting from the 2024 tax year.
We have updated the software to cater for this change for partnerships (Trusts to follow).
IRIS Personal Tax will automatically calculate the transitional profits of a partnership with which the accounting period does not align to the tax year. The data entry will display an in-depth calculation of the steps taken to calculate the ‘apportioned transitional profits’ (20% spread) for the 2024 tax year, along with automatically apply any outstanding overlap relief and giving the ability to accelerate transitional profits.
In addition to the above, we have implemented a transitional profits audit tracker, which will identify the amount of transitional profits arising, taxable and carried forward removing the necessity of manual tracking, this is all cater for within the software. This audit will also automatically update where the transitional profits have been accelerated.