The IRIS Autumn Release 2017 is here
In the IRIS Autumn Release 2017, we continue our roll out of the Making Tax Digital (MTD) functionality and introduce the new IRIS Connector that allows direct data imports from all the major cloud bookkeeping products.
Our Autumn Release v17.3 also features legislative updates that includes all the latest rates and allowances for tax as well as the new tax allowance for property and trading income.
Making Tax Digital
The MTD delays have granted practices the chance to prepare well ahead of time and we at IRIS want to take full advantage of this opportunity.
Our MTD functionality allows you to quarterly file trading and land and property data as part of the HMRC voluntary filing pilot. This will enable you to familiarise yourself with the process to keep you one step ahead of the competition.
Registering for MTD and participating in the HMRC Beta will give you:
• Quarterly filing of trading and rental income (or more frequently if preferred)
• Reports of periodic submissions for client approval
• Communication tracking of submission reports
• Tracking of clients’ quarterly obligations filing status
• Ability to log when clients are subscribed to MTD
• Data mining to enable the easy search for clients that are/are not logged as subscribed to MTD
• Retrieval of trading and property data from HMRC direct into Personal Tax
Our new IRIS Connector features numerous enhancements that will make your working life easier. IRIS now includes full direct imports from all the major cloud bookkeeping products, KashFlow, Xero, FreeAgent and QuickBooks Online. One clear and concise screen shows you exactly what will be imported and allows you to change the account code mappings ad-hoc.
Accounts Production Improvements
Our report aliases have been replaced with data screen tick options, making it easier to alter report layouts and present accounts as required. We’ve also continued to improve our FRS options according to feedback our customers have kindly provided.
Our Autumn Release features several legislative updates. These include the Companies, Partnerships and Groups Regulations, that alters the section number allowing exemption of preparing group accounts and will be updated in the accounting policy.
We’ve also updated our RPI, Dividends, CO2 Databases, CT600 and the latest taxonomy and schemas. Adjacent to this, we’ve introduced HMRC Specials & Exclusions, a new tax allowance for property and trading income and a transition to a new HMRC Gateway for electronic tax return submissions.