Brexit and Companies House forms: what has IRIS done?
As the UK leaves the EU, what does it mean for accountants and accountancy software?
Brexit seemed to be the story that would never end.
While some may argue the saga goes on with the latest chapter on customs checks, the fact is the UK has now officially left - and with a trade agreement - whatever you may think of the merits of the detail.
Despite taking nearly five years since the referendum, we have finally arrived in a post-EU world.
During those years, in which many possible outcomes and types of Brexit seemed to shuffle back and forth, causing great uncertainty, IRIS was working behind the scenes diligently, making sure all bases were covered – even if the no deal scenario had come to pass.
Was IRIS software fully compatible on day one of Brexit?
Yes. On 1 January 2021, our software was ready and updated, in time for the implementation of the agreement with the EU.
Despite the deal being announced only a few days before the start of the year, IRIS Company Secretarial and IRIS Company Formations were fully up to date with all the changes required made. So, electronically submitting the latest compliant forms to Companies House is covered.
What were the main Brexit changes of significance to accountants dealing with Companies House?
Companies House has introduced a range of new forms primarily designed to remove the differentiation between EEA (European Economic Area) and non-EEA corporate officers.
What has changed in IRIS software?
Prior to Brexit, IRIS Company Secretarial and IRIS Company Formation generated forms that differentiated between EEA and non-EEA Corporate Officers.
From 1 January 2021, this differentiation has no longer been needed, becoming instead UK and non-UK Corporate Officers.
Which Companies House forms changed because of Brexit?
The forms in IRIS Company Secretarial that have been updated to take account of the changes are: AA01, LL AA01, AP02, LL AP02, AP04, CH02, LLCH02, CH04, CS01, IN01, LLIN01.
Note: please ensure you are running at least version 20.3.0 of the software.
Will Companies House accept old forms now Brexit has taken effect?
As of 1 January, IRIS Company Secretarial has automatically produced the latest versions of the forms for electronic submissions. Companies House will reject old versions of paper forms.
What else should I know about Companies House and Brexit?
There are more Companies House FAQs about IRIS software’s updates here. https://help.iris.co.uk/IRIS/ODL/Company_Secretarial_FAQs/Brexit_FAQs.htm
What has happened with VAT and online bookkeeping software KashFlow?
Postponed VAT accounting was introduced on 1st January 2021 for all imports of goods. If you are UK VAT-registered you will now automatically account (as required) for the import VAT on such goods in your VAT returns as both a supply (Box 1) and a purchase (Box 4).
These entries cancel each other out. The collection of its VAT revenue on such goods by HMRC is thus postponed to the quarter in which the imported good is finally sold upon the UK market. IRIS made this rule live in the KashFlow release on 29 December 2020.
How can accountancy software help with Brexit?
IRIS software is fully compatible with the Brexit changes, such as those outlined above. We’ve always been first on compliance, with a 40 year track record of doing so, be it ELS, FBI, FRS, or MTD.
For more information on how we can help with filing accounts at Companies House through IRIS Accounts Production and any questions you have about our accountancy software, email email@example.com or call 0344 815 5555.