Learn more about IRIS Trust Tax

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, helping you to meet client expectations for this low-value compliance work to be accurate and done on time.
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What IRIS Trust Tax can do for you:

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 for 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.
  • 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; a 98% acceptance rate cuts the need for corrections.
  • Easily computes double taxation relief and retains portfolio data for assets and securities.
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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.

Key Features

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). It 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.

Integration

Integration with IRIS Business Tax, IRIS Personal Tax and IRIS Dividend Service means that data is not rekeyed, saving time and helping to improve accuracy.

FAQs

  • How do I find support for this software?

    We have a dedicated support section on this website. We also have live chat and a dedicated support telephone number: Support contact numbers.

  • Is this software compliant?

    Assurance and compliance are the primary services of any firm, practice, business or organisation. We understand that you rely on software solutions to get it right, every time – no compromise. Speak to us and find out why IRIS are the leaders in compliant software; call 0344 844 9644.

  • How do I buy this software?

    Speak to us today about how you can get started with IRIS. Call 0344 844 9644 to discuss your requirements; we’ll help you get started.

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