IRIS Summer v24.2.0.383 release notes

Overview

The IRIS Accountancy Suite Summer release version 24.2.383 includes updates to the Academy Account formats, including the new conclusion section to the Governance statements and updates to the FRC 2023 taxonomy. Basic period reform updates to Personal and Trust tax as well as updates to accommodate changes resulting from the merger of SME tax relief and the Research and Development Expenditure Credit (RDEC).  

 


IRIS Accounts Production

Academies Accounts Direction 2023 to 2024

Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2023 to 2024 for accounting periods to 31 August 2024.  These include the introduction of a new conclusion section to the Governance statement.

An update to the Staff costs and employee benefits note to allow for separate disclosure of ‘Other employee benefits’ this can be disclosed by using a new chart code (498).

Finally in update to the Pensions and other obligations note, we have adopted new standard wording around the Valuation of the Teachers’ Pension Scheme.  This continues our commitment to bringing the latest compliance.

FRC 2023 Taxonomy

We have applied the latest Taxonomy issued by the FRC and HMRC for 2023.  This will give qualifying accounts formats access to the most current iXBRL tagging to support electronic filing requirements for both Companies House and HMRC. 

 


 

IRIS Personal Tax

Basis Period Reform – Personal Tax and Trust Tax

IRIS has been enhanced to accommodate Sole Traders and Partnerships that have extended their accounting periods to align with the end of the Tax Year. Henceforth, both Standard and Transition profits are calculated based on these extended periods.

High Income Child Benefit Charge

IRIS has been updated to cater for the High Income Child Benefit Charge (HICBC) changes effective for the tax year 2024/25.

Revised Income Thresholds:

Increased VAT Registration Threshold – Personal Tax and Business Tax

The VAT threshold for both Personal Tax and Business Tax will be increased from £85,000 to £90,000, effective from April 6, 2024. Businesses with a taxable turnover exceeding £90,000 in a 12-month period are required to register for VAT.

Class 2 NIC updates

IRIS has been updated to cater to the Class 2 National Insurance Contributions (NICs) Updates for 2025.

Calculations have been adjusted to reflect the following:  


IRIS Business Tax

IRIS has been updated to accommodate changes resulting from the merger of SME tax relief and the Research and Development Expenditure Credit (RDEC), effective for accounting periods starting on or after April 1, 2024.

Key Features of the Merged Scheme:

Updates to CT600 Forms

IRIS has been updated with the latest CT600 Forms.

 


IRIS Trust Tax

Schedules of Data

IRIS has been updated to cater for the reports for Basis Period reform for Sole Trades for SA901 and Partnerships for SA902 by updating the Schedules of Data.

The following changes have been made to reflect the same:


All Tax

Tax legislation updates:

Dividends Database has been updated to reflect the latest Dividend Declarations