IRIS Spring 2021 Full Features v21.1
It has been and continues to be a challenging time in all our lives. COVID-19 has not just impacted our lives in terms of restrictions, but new government schemes has meant more work for you in assisting your clients and the reporting of these schemes is something that will continue over the coming years. Therefore, not only does the IRIS Accountancy Suite Spring release version 21.1.0 include all the usual legislative updates that come with a new tax year, it also includes all the latest reporting changes for CJRS and SEISS.
- IRIS Accounts Production
- IRIS Company Secretarial/Company Formations
- IRIS Personal Tax
- IRIS Business Tax
- All Tax
- IRIS Time & Fees
- IRIS AML
IRIS Accounts Production
Revised Financial Statements (amended accounts)
It is now possible to prepare Revised Financial Statements. This functionality includes new data screen sections; Options, Revision by Replacement and Revision by Supplementary Note.
- Provides the ability to amend the default wording ‘Revised’ to something different.
Revision by Replacement:
- Includes the default wording ‘Revised’ or alternative on the Flysheet but will also allow the wording to appear on the following pages where needed:
- Primary statements
- Non-statutory reports (where attached to a set of financial Statements)
- Company information
- Chairman’s report
- Operating and financial review
- Strategic report
- Report of the directors
- Statement of directors’ responsibility (where appearing as a separate report)
By selecting Revision by Replacement this also includes an additional note, in the Notes to Financial Statement called Revised Financial Statements, which provides the additional disclosure requirements in this area.
Revision by Supplementary Note:
- Generates a supplementary note which will appear before the Flysheet (specific report mnemonic is RSN).
- Includes an Approval and Authorisation Data Screen for the Revised Financial Statements.
By selecting Revision by Replacement or Revision by Supplementary Note, activates additional disclosure notes within the Report of the Auditors, Emphasis of Matter – Revised Financial Statements.
Revised Financial Statements functionality is now available for most accounts formats and associated accounting standards. Currently electronic submission of Revised Accounts is not permissible, and the software will prevent this from happening if an attempt is made.
Incorporated Charity, Unincorporated Charity and Academy Accounts – ISA Audit report update – Conclusions relating to Going Concern
Following similar changes included the Autumn 2020 release for Limited Companies LLP’s, Groups and Pension scheme accounts. Incorporated and Unincorporated charity accounts now include updated sections in the Audit Report, specifically for Conclusions relating to Going Concern, this being split in into 3 new data screens that will allow you to include additional texted over and above text prescribed by the standards.
- Explanation of Evaluation of Management Assessment
- Key Observations Arising re Evaluation
- Additional Replacement Text
The Data Screens sections for 'Other Information' and 'Auditors’ ' responsibilities for the Audit of the Financial Statements” has also been updated, the later section now including an updated screen for “Opening Paragraph” and new screen “Detecting Irregularities” which encompasses fraud disclosure.
These changes are applicable for Accounting periods starting on or after 15th December 2019.
If you require access to the old layout these can be trigger from the Old Legislation section within the Data Screens.
FRS 102/FRS 101 Reduced Disclosure Exemption Update
We have removed the disclosure exemption for the requirements of FRS 102 Section 4 Statements of Financial position paragraph 4.12(a)(iv). We have also removed reference to the section number as FRS 102 now only refers to the paragraph numbers. The changes will be visible for accounting periods starting on or after 1st January 2019. Again, the older layout can still be triggers from the Old Legislation section within the Data Screens.
FRS 105 – Additional Flexible Disclosure
From within the Data Screens Notes to the Financial Statements Section we have included two new freeform Data Screens, Freeform Note A appears just after the Statutory information note and Freeform Note B, appears after Off-Balance Sheet Arrangements. This provides some additional flexibility in reporting disclosure with this FRS.
We have now updated the Charities to include the same Revaluation Data Screens as normal Limited Company formats.
The new Revaluation screens appear for charity accounts with a period end date of 31 March 2021 and for Academies with a period end date of 31 August 2021.
Charities Revaluation notes have been made taggable for iXBRL submission purposes.
Pension Scheme Accounts – Implementation Statements
The regulatory changes in 2018 introduced the concept of an annual Implementation Statement in which trustees set out how and the extent to which the SIP has been followed during the year.
The trustees of the relevant schemes are required to include a new Implementation Statement relating to the scheme’s investment in their annual report for accounts produced on or after 1 October 2020.
New data screens have been added for Pensions to accommodate inclusion of an Implementation Statement.
IRIS Company Secretarial/Company Formations
Company /LLP - Same As Name Check Update
When changing a name or forming an entity it is mandatory that the new name must not be same or similar to an existing Company or LLP on the Companies House Register.
As part of this release both Desktop Company Secretarial and Company Formations software products will now be using the latest Companies House API to help ensure and validate company names are unique to minimise the possibility of rejection at Companies House.
Company Formations – Companies House Schema Update
As part this release, we have included the latest Companies House schema for electronic incorporations. This schema update removes the need to add a separate Memorandum of Association when using the Incorporation Options screen as this document will now be created by Companies House.
If an external document is attached the Memorandum of Association should not be included. After a successful incorporation the new Certificate of Incorporation document will be accompanied by the Memorandum of Association. From the 19th May 2021 Companies House will be retiring the older variant and so this release must be installed to maintain electronic submission functions of forms IN01 and LLIN01.
IRIS Personal Tax - introducing SmartTax (Beta)
IRIS SmartTax is the first of many features to enhance the desktop products powered by IRIS Elements. This feature provides a live 'real-time' calculation which will return instant results from the data entered for the selected client without the need to run any additional reports.
This feature is currently in its beta phase and is available to any existing Personal Tax user. The 1st phase of this delivery will cater for all taxpayer scenarios, unless the following income is entered:
- Trading Income
- Foreign Income
- Capital Gains
Once these income types have been fully tested, we will switch them on so that they are supported in the live tax calculation.
If you wish to take part in this public beta and get early access to SmartTax please contact us at beta@IRIS.co.uk stating your desire to have SmartTax switched on for your practice together with your practice name and customer reference number.
- Exclusion 116 not triggering where the individual has multiple CEGs
- Personal tax crashes when running reports, where a ‘%’ appears within the business name
- When importing data from Kashflow the transactions have the incorrect dates
- Incorrect ‘Basic rate liability’ being displayed on the top slicing report
- Unable to enter SITR claim with a date that falls within 2019/20
IRIS Business Tax
New supplementary page (CT600L) for Research and Development claims
HMRC have released a new supplementary form which is required to be completed when claiming a research and development tax credit (SME and RDEC). The addition of this form will not require any additional input from you. IRIS automatically completes the CT600(L) as you undertake the usual data entry workflow for claiming a R&D claim, once completed IRIS will automatically attach the CT600(L) for submission to HMRC.
The capital allowance module has been updated to allow you to identify as asset as a ‘Zero emission Car’, IRIS will automatically select the corresponding allowance, where the asset is added as a motor vehicle with zero Co2 emissions. This will be reflected on the computation and mapped to the new fields on the CT600.
- Performance improvement have been made to speed up loading
- Claimant company not appearing on the computation when surrendering brought forward losses via group relief
- Balancing charge incorrectly calculated where asset has private use
- Incorrect profit figures being transferred to personal tax specifically for rental partnerships
- Business tax crashes for a multiple trade client, with an end date for a trade which falls prior to the end of the accounting period.
- Residential finance costs not transferring to personal tax
- Incorrect rate for R&D tax credits for periods post April 2020
CJRS and SEISS
The product has been updated to cater for all the different types of coronavirus support schemes which are required to be reported on the self-assessment tax return, along with the functionality to report incorrectly claimed grants. This information will be reflected on SA return and schedules of data.
These grants can be categorised into two types:
- HMRC Coronavirus support scheme payments
- Self-Employed income support scheme grant (SEISS)
Tax Legislation and annual updates
- Updated Dividends databases
- Updates to SA100, SA800, SA900, R40, and CT600 forms
- Updates to e-checklists for 2020/21
- All the updated reports, calculations and rates for the 2020/21 tax year
- Updates to Capital Allowances
IRIS Time & Fees
Update Timesheet postings on the go
A new feature has been added to IRIS Time & Fees that allows users to apply timesheet postings to their time ledger, whilst the user is still in their timesheet. This offers a greater degree of flexibility to users who wish to be able to report and process WIP postings as soon as they are made. This feature comes with the following changes:
- An option to turn the feature on (under Time Ledger Option) entitled Practice Can update Open Timesheets.
- A new staff privilege to allow a staff member to update timesheets that are open
- A Refresh button on the Timesheet, so that users can see which timesheet postings have been applied to the time ledger.
A number of changes have been made to IRIS Time and Fees to improve the overall performance of the product.
These changes include:
- Warning message 'Apply Current Instructions to the Ledger' will now only appear for user that have the necessary permissions to update the time ledger.
- You can now schedule a Time and Fees repair to take place. Note: this requires the assistance of the IRIS Support team to setup.
- Central processes for IRIS Time and Fees (Such as Updating the Time ledger, closing a Time or Fees period etc.) will now run one at a time.
- Improvements have been made to the warning messages within IRIS Time and Fees to give a clear indication of the cause of the issue and the necessary actions that need to take place to resolve the issue.
Consolidation of Export options
With the new release of IRIS AML, we have consolidated the Export Documents and Export ID Check XML under the Export Data to CSV option. This will allow you to export all required data from one screen.