26 February 2007
Sales of IRIS Company Formations software are exceeding all
expectations as accountants rush to dissolve Composite and Managed
Service Companies and set up new limited companies in their place,
before the new tax year begins.
In the Chancellor’s pre-budget announcement on the 6th December
2006 he unveiled new proposals to remove the tax advantage that
Composite and Managed Service Companies can offer their clients,
forcing many accountants to re-evaluate their worth and recommend
the limited company route for freelancers and independent
workers.
Some practices face a race against time with as many as 800
limited companies to set up before the April deadline.
The
IRIS Company Formations program was only introduced in the
autumn of 2006 but is already outselling all other programs in the
IRIS Practice Software suite. It enables the user to
electronically form companies limited by shares directly with
Companies House.
Robert Salvoni, Managing Director of IRIS Practice Software
attributes its success to this current spotlight on Managed Service
and Composite Companies.
He said “Because
IRIS Company Formations is fully integrated, it represents a
more time efficient option for accountants who need to incorporate
many companies before the beginning of the new tax year. In a
large number of these cases, the client’s details will already be
stored on the IRIS single central database, eliminating the need to
re-enter data.
The Chancellor’s spotlight on managed service and composite
companies has increased demand for the services of personal
umbrella company specialist, Churchill Knight and Associates. The
London firm is currently signing up on average 60 a month and
expecting a significant increase due to the pre budget report.”
The firm uses
IRIS Company Formations Software extensively to automate the
incorporation process. Luke Desmond, position, said “Prior to the
installation of the IRIS product, we used the services of a Company
Formations agent but now we can form new companies for our clients
ourselves. The time savings and cost savings are substantial;
amounting to between £10 and £15 per company.”
IRIS Company Formations:
- Checks company name availability
- Incorporates a company using traditional Companies House
forms
- Transmits information electronically directly to Companies
House with the option of using same day incorporations service
- Provides default wording for Memorandum and Articles of
Association
- Enables the tailoring of Memorandum and Articles on a client by
client basis or practice wide
- Automatically detects email responses from Companies House to
track status of impending incorporations
- Tracks the status of incorporations in one simple report
- Mass produces identical clients for incorporation
- Prints share certificates and share transfer form
