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The IRIS Accountancy Suite Spring release version 25.1.0.734 includes all legislative updates to ensure your ongoing compliance, plus some key updates to FRS102 Periodic Review, iXBRL electronic filing for FRS105, updates for Basis periods for Sole Trades and Partnerships.
Making Tax Digital functionality has finally arrived; we have updated the Personal Tax product to enable you and your practice in preparation for the MTD pilot (April 2025). The release also includes lots of other enhancements and, resolutions to issue in IRIS Practice Management.
Following the FRC Periodic Review of FRS102, we have made two over arching updates to the software as summarised below.
We have updated statutory report outputs to accommodate new disclosure (including management reports and lead schedules).
Appropriate iXBRL tagging of the accounts will follow in a future release when the FRC 2025 taxonomy is accepted for use by both Companies House and HMRC.
We have updated the report with the appropriate links.
This reduces disclosure in the Report of Directors effective from 6th April 2025, and we have removed the appropriate areas.
Following several customer requests, we have modified the software to allow for the selection of Emirati Dirham (AED) from the currency value within the posting entry screen.
This new currency works in tandem with our (IAS) International Accounting Standards option. In tandem with this, in the Country of Legislation Data Screen we have introduced a new option call 'Other' with a further option to remove all Companies Act references.
We have introduced electronic filing of FRS105 Audited Accounts to Companies House. This update showcases our commitment in allowing the filing of applicable accounts to Companies House electronically.
This is in anticipation of the mandate for software-only filing under the Economic Crime and Corporate Transparency Act.
We have introduced the latest Employment related securities form from HMRC for tax year 2024/25
Transition profits made by a Sole Trade or a partnership can be spread over 5 years for the Tax Year 2023/2024 tax Year.
The following changes have been made to cater for the updates:
Making Tax Digital functionality has finally arrived, we have updated the Personal Tax product to enable you and your practice in preparation for the MTD pilot (April 2025).
MTD functionality will run alongside the standard SA functionality and will simultaneously complete the clients SA return as well as giving the ability to complete in-year obligations where a client has been identified as MTD compliant.
In this release of IRIS, we have delivered functionality which will enable you to complete the full end to end journey for individuals. The software will allow you to complete the in-year obligations associated with income sources which are required to be submitted quarterly, this will include sole trade, UK and foreign property Income.
Additionally, the software facilitates the completion of the individual's end-of-year financial position by submitting the final declaration to HMRC.
All MTD related submission will be channeled through the IRIS Digital Tax Hub, where the software will guide you through the MTD workflow, highlighting any outstanding tasks to simplify a complex MTD workflow.
Register your interest today, if you would like more information on the MTD functionality or joining the pilot please contact us at MTD@IRIS.co.uk
The following changes have been made to Capital Gains section in IRIS Personal Tax and Trust Tax in alignment with the updates outlined in the latest Budget Amendments
Capital Gains Tax Rate changes
Gains on disposals up to and including 29/10/2024
lower rate = 10%
upper rate = 20%
Gains on disposals on and after 30/10/2024
lower rate =18%
upper rate = 24%
A new company type, '(11) Non-resident company,' has been incorporated into IRIS. This classification pertains to non-resident companies that are subject solely to the main rate of tax and are ineligible for marginal relief.
A new box 943 has been added to CT600 in respect of a declaration concerning the repayment of payable R&D tax credits to another person other than the company.
The CT600F Supplementary pages have been updated to include a new Box to highlight if the company or group was covered by a training certificate and type of interest in Ship if Managed. A new checkbox F15C has been added to the Tonnage Tax information Tab and a new Interest in Ship type ‘M’ has been added to the computation Tab to cater for the same.
A new supplementary page has been added for the CT600P-Creative Industries to provide more details on where a company is part of creative and audio-visual industries on the expenditure and audio and visual expenditure credits to calculate the corporation tax charge.
Due to a late change from HMRC you will not be able to complete CT600P until April 2026. Please see the following link for further information: https://www.gov.uk/guidance/changes-and-issues-affecting-the-corporation-tax-online-service
Currently a submission for Creative Tax credits cannot be made. An update will be made in the next release to allow for creative tax credit submission for April 2025.
IRIS P11D car Database has been updated to reflect the new manufacturers and their associated cars.
Resolved issues: