IRIS Spring 2021 release v21.1

Overview

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 have 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 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

Revised Financial Statements (amended accounts)

It is now possible to prepare Revised Financial Statements. This functionality includes new data screen sections and report outputs and 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 in 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.

FRS 102/FRS 101 Reduced Disclosure Exemption update

We have updated data screens in this area and removed now defunct annotations that relate to specific disclosure exemptions. The changes will be visible for accounting periods starting on or after 1st January 2019. Again, the older layout can still be triggered 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 new freeform Data Screens to provide some additional flexibility in reporting disclosure with FRS 105.

Charity Revaluations

We have now updated Charities to include the same Revaluation Data Screens as normal Limited Company formats, these changes include the relevant iXBRL tags for 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.


Company Secretarial/ Company Formations

Company / LLP - Same as Name Check update
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. 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

New Feature: Introducing IRIS 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.


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.

Capital Allowances
The capital allowance module has been updated to allow you to identify an 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.


All Tax

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 

CJRS and SEISS (grants and claims)
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)

IRIS Time & Fees

Update Timesheets Postings on the go
A new feature has been added to IRIS Time and 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.

Performance improvements
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: 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.

IRIS AML

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.