IRIS Summer 2020 Product Update
Overview
The IRIS Accountancy Suite Summer Release Version 20.2 includes all legislative updates to ensure your ongoing compliance, including this year’s Academies Accounts Direction update as well as all tax rates and bands for the 2020/21 tax year following the March 2020 Budget announcements.
Accounts Production
New reports have been included to allow the production of Lead Schedules for both Charity and Academy formats
To accommodate the recently released Academies Accounts Direction 2019 to 2020 to support Academy Accounts to 31 August 2020.
- Report of Trustees; under Structure, Governance and Management section. Relocation of ‘Engagement with Employees’ and ‘Engagement with Suppliers, Customers and Others’
- Report of Trustees; New statutory requirements for streamlined energy and carbon reporting.
- Update Governance Statement / Scope of Responsibility for new optional sentence
- Update Teachers’ Pension Scheme Introduction paragraph
- Update Strategic Report for ‘Promoting the success of the company’.
- Add group/codes to chart of accounts for legal costs under the support cost group and to be included in the breakdown for analysis of support costs notes.
KashFlow will shortly no longer support a security profile called TLS 1.0, this release contains functionality to allow Accounts Production to continue to integrate with the KashFlow Connect application using the latest TLS version 1.2.
My Work Papers will shortly no longer support a security profile called TLS 1.0, this release contains functionality to allow Accounts Production to continue to integrate with the My Work Papers application using the latest TLS version 1.2.
Company Formations / Company Secretarial
Update to reflect changes made in legislation for Incorporation and names (Annex A) to include several Welsh names that are now considered sensitive, as detailed below.
- ‘Comisiwn y Senedd’
- ‘Welsh Parliament’
- ‘Senedd Commission’
- ‘Senedd Cymru’ replacing `Senedd Commission’
Personal Tax
For capital gains disposals made after 11th March 2020 the lifetime limit for Entrepreneurs relief has been reduced from £10m to £1m.
All tax rates and bands for the 2020/21 tax year have been updated following the March 2020 Budget announcements.
Business Tax
From 1 April 2020 the RDEC rate has increased from 12% to 13%; the R&D hub in Business Tax has been updated to cater for this.
Businesses that incur qualifying expenditure on certain construction and renovation projects will be able to claim relief at 3% per annum from 1 April 2020.
Trust Tax
This release contains an updated version of the Form 50(FS), unfortunately this substitute version of the HMRC form has not been recognised by HMRC. We are working to get the recognised version in the next available release, but if you need to submit a Form 50(FS) before this is available a copy can be downloaded from the HMRC website here.
