IRIS Spring v25.1.4 service pack 2

Overview

The IRIS Accountancy Suite Spring service pack 2 release version 25.1.4 provides you with the following resolutions and enhancements:

IRIS Personal Tax

Basis period reform losses brought forward  

In line with HMRC’s Basis Period Reform regulations, IRIS has been updated to incorporate the support for Losses Brought Forward in the computation of taxable profits.  
 
This feature enables users to carry forward trading losses from prior accounting periods and apply them against: 

• Transitional period Profits (Apportioned + Accelerated Profits). 

• ‘This Year’s adjusted profits’ applicable to both sole traders and partnerships. 

Resolved issues:

• Transition profits are now being correctly populated in the ‘Transition profit brought/fwd.’ field within the Transitional Profits data entry screen, correctly reflected in the Trade computation and on the tax return. 

• Box 68 on the Self Employment (SEF4) pages now correctly displays the adjustment to profit, rather than the fully adjusted profit, in cases involving a change in accounting period and no accounting period end falls in tax year 2025. 

• The cash basis detection logic has been corrected to align with the revised election process introduced for the 2025 tax year. This fix ensures that the farmers averaging calculation correctly executes for sole traders and farmers by accurately determining cash basis eligibility based on the updated input criteria.