IRIS Business Tax

With IRIS Business Tax you can complete tax returns with ease. Requiring almost no data entry, IRIS Business Tax draws the data from the clients’ accounts in our central database. It prepares the tax computations for limited companies, partnerships and sole traders with ease; wholly and partially disallowed accounts are flagged within the database and automatically treated correctly.   

  • Completes tax returns with ease
  • Draws data from the clients’ accounts in central database
  • Helps reduce amount of time taken up by low value compliance work
  • Unlike more basic tax products, it handles multiple-trades and group relief 
  • Provides comprehensive capital allowances and capital gains calculations

 



The Challenge

Transferring the critical data from a clients’ final accounts and dealing with all of the add backs, disallowable expenses and capital allowances before you can finalise their tax return, can be both challenging and time consuming. Compliance work is also low value. Clients expect the compliance as standard, there is no added value to this work. It doesn’t matter how complicated the legislation is, clients just expect the work to be accurate and on time.

 

The Solution

It becomes quick and easy to complete tax returns and computations with this product. There’s almost no data entry required as all data is drawn from the clients’ accounts and addbacks are made automatically. Mapping allows for individual addbacks to be made on a client by client basis or globally across all clients and then remembered year on year.   

 


Benefits of IRIS Business Tax 

You can complete tax returns with ease, with almost no data entry. Reduces the time spent on compliance work, which is low value. Prepares the tax computations for limited companies, partnerships and sole traders with ease; wholly and partially disallowed accounts are flagged within the database and automatically treated correctly. Rest assured when filing tax returns to HMRC, with a 98% acceptance rate, cutting need for corrections.   

 

Fully integrated  

Compliance work is easy and efficient thanks to integration with IRIS Accounts Production, IRIS Personal Tax, IRIS Trust Tax and the IRIS Dividend Service. This allows the data to be shared seamlessly removing the need to re-key any data, saving time and reducing the risk of error. 


                                                             



Automation

No time consuming manual tax calculations are required as Business Tax automatically carries out all tax calculations using the data already entered. No manual intervention is required in producing a complaint iXBRL Tax Computation. Gives you fully automated iXBRL tagging for greater productivity and automated apportionment for extended period computations. No separate tools or software are required to handle the split of values between multiple trades as these are all dealt with in Business Tax.


Quick and easy

Tax Return approval is quick and easy with IRIS OpenSpace enabling easy communication with clients which is extremely important when approaching the January deadline. Easy navigation of the product and quick access to the right data entry field is enabled through Interactive CT600s which allows the CT600 to be edited directly from the onscreen preview. 

                                                      


IRIS OpenSpace helps you work closer and more intuitively with your clients. 
You can upload, store and approve documents online. It's in 'The Cloud' so it's always accessible from any location, 
and it's fully integrated into the IRIS Accountancy Suite making it quick and easy to use.
You can store as much as you like, for as long as you like. 
If you are a UK based accountancy business we will even give you 1GB of free storage to get you started.
Additional space can easily be purchased from as little as £5 per GB per month or get a 15% discount 
for an annual subscription to 10GB by clicking the web store link above.

IRIS Business Tax provides instant solutions for:

  • Comprehensive capital allowances and capital gains calculations and tracking
  • Managing client share and asset portfolios 
  • Business tax computations for corporate, partnerships and sole trades
  • Partnership and Corporate tax return completion
  • Working on non-resident Company Tax Returns via a separate module 
  • Manage fixed assets throughout their lifetime via the separate IRIS Fixed Asset Register module
  • Giving you interactive CT600s, allowing the CT600 to be edited directly from the onscreen preview
  • Handling businesses with multiple trades and multiple agents from a single practice  
  • e-approval built into the standard workflow via IRIS OpenSpace 
  • Catering for complicated allocation of losses and reliefs to different entities within the group 
  •   

Testimonials

“With IRIS, we can prepopulate the information from HMRC at the touch of a button while we are speaking with the client. This convinced us that IRIS had tax completely sorted.” Read More                                                                       Shepherd’s Chartered Tax Advisers & Accountants

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