Features List v17.1.2

Release Overview

The IRIS Accountancy Suite Summer 2017 release sees a wealth of new functionally, efficiency gains and productivity enhancements as well as all the required compliance changes.

It continues our roll out of Making Tax Digital functionality allowing you to understand the number of your clients that will fall into scope next April as well as the company secretarial changes regarding Persons of Significant Control. It includes the Academies Accounts Direction 2017 and all the latest rates and allowances for tax, such as the new restriction of finance cost relief for individual landlords.

Making Tax Digital

Understanding the impact on your practice

In preparation for the start of Making Tax Digital, one of the challenges you will face is establishing which of your clients are affected and then communicating with them about what it will mean for them, how you can help and the services you will offer.

To facilitate this IRIS Practice Management Data Mining has been updated to enable the search for clients with gross trading income and gross land & property income with a turnover above the VAT threshold. This will make finding the clients quick and efficient and when used with IRIS AutoMail will allow you to keep in touch. We have also added new tags for Dates Engagement Letter Sent and Returned.

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IRIS Tax Solutions

IRIS Personal Tax 

Our summer release includes the functionality to cater for the new restriction of finance cost relief for individual landlords. From 6 April 2017 onwards the relief for finance costs is being gradually restricted to the basic rate of income tax. In the 2018 tax year 75% of the finance cost incurred can be deducted from the property income with the remaining 25% being available as a basic rate reduction. 

HMRC Exclusions and tax calculation corrections

Following detailed reviews and communications it has been confirmed that in six specific scenarios HMRC have made errors within the 2016/17 tax calculation for individuals. 

We have been working very hard to highlight to HMRC issues within their calculation as we find them, so that they may add them to their Exclusions list, but we have also been working to incorporate the correct calculation within our products. Details of the specific scenarios and how IRIS handles them can be found here

Additional compliance updates

  • Updated Dividends, RPI and Tax Districts databases
  • Updates to cater for latest HMRC Specials & Exclusions
  • Trust Tax forms R185 and Form 50FS updated to the latest versions
  • Update to the CT600 and CT600K final versions from HMRC

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IRIS Accounts Production and Company Secretarial

Accounts Production - Charities

The Academy reports have been updated to allow preparation of accounts following the Academies Accounts Direction 2017, for year ending 31st August 2017.

The auditors’ report for both charities and academies have been updated for the revised ISAs (for periods commencing on or after 17th June 2016).

Company Secretarial

From the 26th June 2017, details regarding Persons of Significant Control will no longer be incorporated on the Confirmation Statement, instead PSC forms will be produced as and when changes to PSCs occur.

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IRIS Practice Management

Time & Fees

It is now easier than ever to access the detailed WIP write out of an Invoice or distribution of WIP written back for a Credit note. Simply select the document, right mouse click and select 'View Detailed W/O'. 

Client Dashboard enhancements

The Billing History Widget has been enhanced to help you quickly drill-down to the actual posting or its additional information. Simply double click an item to view the Fees Ledger Posting.

We have also added new right-click options including:

  • View Document - displays the latest pdf (or word) file logged in communications.  
  • View Billing Decision - displays the 'Fees ledger posting: Invoice: Detailed Write Out of WIP' or equivalent depending on the type of posting selected.
  • View Posting - displays the 'Fees ledger posting: Invoice' or equivalent screen depending on the type of posting selected.  

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To see the full contents of the IRIS Accountancy Suite Spring 2017 (v17.1.0) release click here

To see what's new in the IRIS Accountancy Suite Autumn 2016 (v16.3.0) release click here

We have also simplified our release version numbers, more detail on this can be found here 

Enhanced Client Dashboards

Client Dashboards in IRIS OpenPortal now include a new Making Tax Digital widget to show the Digital Tax Account data that is currently available to agents. This will make it quick and easy to see the data held in IRIS compared to that currently held by HMRC in the clients digital tax account.

e-Checklist Improvements

Our Personal Tax e-Checklists have been enhanced so that they now include any current year data that has been entered into Personal Tax, so that you are not asking clients for information you already know about. There is also now an option to send a reminder email direct from Personal Tax to your client to let them know that their checklist still needs to be completed. 

Enhanced client filtering

Our IRIS OpenPortal client search now includes additional filters to show all clients, just the clients registered for a specific product or those that are unregistered; enabling you to select your preferred view making it easier than ever to find the desired client. Our Client Browser now also includes these new filtering options to further improve efficiency. We have also added new settings to select your practice wide default client display filters for both the Client Browser and Client Dashboard ensuring you get your preferred view every time.