IRIS Trust Tax

IRIS Trust Tax helps accountancy practices to tackle the often complicated area of trust tax that usually only specialist staff members can handle. Providing simple menu driven data entry, no pre-existing trust return knowledge is required. So, all staff can process trust client data.   

  • Tackles specialist area of trust tax that usually only specialist staff members can handle
  • Frees up valuable time to focus on higher fee earning added value planning work
  • Comprehensive online filing - including amended and earlier year returns
  • Rest assured when filing tax returns to HMRC, with a 98% acceptance rate, cutting need for corrections
  • Easily computes double taxation relief and retains portfolio data for assets and securities

 



The Challenge

For many accountancy practices, trust tax is considered a complex area of tax that only specialist staff members can be involved with. It can be problematic if pre-existing trust return knowledge is required to allow all of your staff to process trust client data. This work can take up large amounts of valuable time which you could be spending on focusing on higher fee earning added value planning work.

 

The Solution

With IRIS Trust Tax, simple menu-driven data entry means that no pre-existing trust return knowledge is required, allowing all of your staff to process trust client data. This frees up valuable time to focus on higher fee earning, added value planning tasks. Helps ensure you meet client expectations for this low value compliance work to be accurate and done on time.   

 

 


Benefits of IRIS Trust Tax 

Compliance work is easy and efficient due to the amount of data shared with Trust Tax and the automatic calculations. Integration with IRIS Business Tax, IRIS Personal Tax and IRIS Dividend Service, means that data is not re-keyed, saving time and helping to improve accuracy.

 

Efficiency  

IRIS Trust Tax automatically carries out all tax calculations using the data already entered, including foreign tax credit relief, capital gains tax and tax pools so there is no need for separate tools or manual calculations. Net distributable income is calculated and displayed on screen. So, it’s easy to see what income is available for distribution when completing form R185 and then transferring to Personal Tax for completion of the beneficiaries’ personal tax returns.


                                                             



Automation

With IRIS Trust Tax many processes are automated, such as completing Form R185 and Form 50(FS). Easily computes double taxation relief and retains portfolio data for assets and securities, as well as computation of share pools and taper relief. Shareholding, property and deposit accounts are automatically brought forward.


Payment tools

Automatically updated accounts enable you to keep track of each client's tax due and payments made, allowing calculation of any interest due on late payments so you can advise clients about these, as well as charges and penalties.

                                                      


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 Trust Tax provides instant solutions for:

  • Handling all trust types including personal representatives, interest in possession, accumulation/discretionary trusts, and mixed trusts
  • Gaining quick and easy approval, cutting costs and time, thanks to integration with IRIS OpenSpace
  • Being able to work remotely thanks to import/export facilities
  • Getting Tax return validation completed prior to submission to HMRC so that you are warned of any entry that might cause a rejection
  • Enabling tracking of payments, making claims to reduce payments - computes interest on late payments of tax
  • Managing client share and asset portfolios for tracking and calculation of capital gains tax
  • Accessing dividend information and automatically transfering details to tax return modules

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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