IRIS Summer 2025 Full Features v25.2.0

Overview

The IRIS Accountancy Suite Summer release version 25.2.0.378 includes all legislative updates to ensure your ongoing compliance, plus updates to Academy Accounts formats and FRC 2025 Taxonomy. Updates in Personal Tax and Trust Tax include the removal of the Furnished Holiday Lettings (FHL) tax regime and the Foreign Tax Credit Relief reports have been updated to reflect the Capital Gains Tax changes. The release also includes IRIS Personal Tax MTD functionality which is fully HMRC-Recognised, streamlining everything you need for the MTD pilot.
Legislation and annual updates are also included as well as resolutions to issues found in previous releases.

IRIS Accounts Production

Academies Accounts Direction 2024 to 2025

Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction (AAD) 2024 to 2025 for accounting periods to 31 August 2025.

Along with the annual updates to refer to the accounting year within the body of the report including Trustees’ Report and Governance Statement. More specifically, we have introduced several changes to data screens to align wording in the accounts note disclosure to that prescribed by the Department for Education AAD.

Statement on Regularity, Propriety and Compliance, we have changed the wording in option B, to remove the reference to ESFA and include DfE (Department for Education) and included a check to ensure appropriate additional details of instances if material irregularity, impropriety or non-compliance are included within this particular note.
Notes to the Financial Statements, Accounting Policies, Standard Accounting Policies, Pension Benefit, this previously was a free form screen but now includes the full AAD example wording verbatim.
Notes to the Financial Statements, Accounting Policies, Standard Accounting Policies, Taxation again was previously included basic wording but now includes the full AAD example wording verbatim.
Notes to the Financial Statements, Other Disclosures, Teachers Pension Scheme, Valuation. The sentence: “The result of this valuation was implemented on 1 April 2024. The next valuation result is due to be implemented from 1 April 2028” now says: “The result of this valuation was implemented on 1 April 2024. The next valuation result is due to be implemented from 1 April 2027”.

Finally, as part of a range of changes introduced by the Economic Crime and Corporate Transparency Act and the recent announcement by Companies House that from April 2027 all accounts must be filed to the registrar using commercial software, we have applied the appropriate iXBRL tagging to Academy Accounts and enabled electronic filing of these accounts within the software.

FRC 2025 Taxonomy

We have applied the latest 2025 Taxonomy issued by the FRC.  This will give qualifying accounts formats access to the most current iXBRL tagging to support electronic filing requirements for both Companies House and HMRC and complement the FRS102 Periodic Review 2024 amendments introduced in the Spring 2025 release v25.1.0

IRIS Company Secretarial and IRIS Company Formations

ECCTA – Identity Verification (IDV)

Whilst there are no specific IDV changes to the software in this release. Following several questions from customers on this subject, we have now received supporting collateral from Companies House and have started to implement changes to Confirmation Statements, Appointment forms for Directors, PSC’s and LLP Members and Incorporations, which will be made available in a subsequent release.

Our current understanding is that these changes will take effect later in the year sometime in Autumn and we will share more information when it becomes available.

IRIS Personal Tax and Trust Tax – Individuals

Removal of FHL

Following the HMRC’s decision, the Furnished Holiday Lettings (FHL) tax regime has been removed. IRIS Personal Tax and Trust Tax have been updated to withdraw all relevant functionality and calculations related to FHL.

Foreign Tax Credit Relief Report Updates

The Foreign Tax Credit Relief reports for Personal Tax and Trust Tax have been updated to reflect the Capital Gains Tax changes in line with the Budget rate updates for the 2026 Tax Year.

Resolved issues:

Farmers Averaging is now being calculated correctly for Tax year 2025 in line with previous tax years on 2 and 5 years Averaging.
Class4 NIC on the Trade computation and the Tax Computation is now being calculated correctly by using the correct Self Employment Income which now includes Farmers Averaging values.
A loss for a Sole Trade in a Tax Year is now being included within the ‘Total loss carried forward’ Box (80) when generating a Tax return
The Profit split between two partners is now being reflected correctly in Personal tax for which Partnership profit is being apportioned by 365 days.
The Partnership rental income is now being reflected correctly in Personal tax for which Partnership income is being apportioned by 365 days.
Box L168 is now being populated with the appropriate Company PAYE and NIC liabilities as entered in the Additional information section of the Reasearch and Development Tab for CTAPs starting on or after 01/04/2024.

Making Tax Digital

IRIS Personal Tax MTD functionality fully HMRC-Recognised

We’ve enhanced our software with comprehensive Making Tax Digital capabilities, streamlining everything you need for the MTD pilot. From submitting quarterly data for self-employments and UK/foreign property to managing all other income sources, reliefs, and finalising your clients’ positions – it’s all seamlessly integrated.

Ready to transform your tax workflow? Join the pilot program today and discover how MTD can work effortlessly within your existing business processes. Experience firsthand how our solution simplifies compliance while maintaining the efficiency your practice demands.
For more information, click here.

Don’t Miss: MTD Masterclass with Corbyn Turner
Join IRIS expert Corbyn Turner as he walks through everything you need to know about Making Tax Digital following the April 2025 pilot launch: Webinar
You’ll gain clarity on: What’s happening with the public pilot, practical user journeys in IRIS software and how to prepare your firm and clients.

All Tax

Tax legislation and annual updates:

Updates to Dividends Database
Updates to CT600 Final Forms
Updates to SA700 Forms
Tax Year 2025 updates to Individuals and Corporation Tax (CT) Drill Downs.

IRIS Core

A tool has been added to fix the issue with Clock Drift for Elements Synchronization.