IRIS Summer 2019 Release v19.2
The Summer 2019 release of IRIS Accountancy Suite v19.2 makes data collection from your clients a seamless and easy process with further enhancements to our e-Checklist creation. New screens have also been added in Business Tax to easily enable the new Structures and Building Allowance. The release also includes all legislative updates to ensure your ongoing compliance, including this years Academies Accounts Direction update.
Academies Accounts Direction 2018 to 2019
Updates to Academies, to accommodate the recently released Academies Accounts Direction 2018 to 2019 to support Academy Accounts to 31 August 2019.
You will now get notification from the software when formation credits drop to 5 or less, avoiding the distraction of purchasing more credits, when required to form a company at short notice.
IRIS Business Tax
Structures and Buildings Allowance
New functionality has been implemented to cater for capital allowances applicable to structures and buildings, which have had expenditure incurred on or after 29th October 2018. Assets are tracked and a relief of 2% per annum is automatically applied. IRIS will cater for scenarios where the asset is pre-owned, costs incurred which aren’t within charge of UK tax and automatic apportionment in years of disposal.
Controlled Foreign Companies (CT600B)
We have enhanced the user experience with regard to controlled foreign companies by updating our data entry screens and adding a comprehensive break down of the CFC on the enhanced tax computation.
IRIS Personal Tax
It is now possible to produce e-Checklists for all clients that have an OpenSpace account at the click of a button, automating the process of selecting who you can send these time saving information request forms.
HMRC Data Retrieval
The data retrieved from HMRC to pre-populate tax returns has been enhanced to be more timely; including a breakdown of pension information and providing forecasted values for employment benefits, further reducing the time you need to spend on data entry. HMRC are currently running a beta for this with certain software vendors. If you would like to take part in this trial please email your name and contact details to Beta@iris.co.uk
Tax Legislation and annual updates
- Updated Dividends databases
- Updates to cater for latest HMRC Specials & Exclusions*
* There is currently still some debate over the calculation of Top Slicing relief, which has gone to tribunal where HMRC are appealing. Therefore, the calculation will follow that set out by HMRC, to ensure that the Return is not rejected and underpayment penalties are not issued. We would recommend checking all top slicing relief calculations and appealing to HMRC if you believe it to be incorrect. We will continue to update customers as the situation progresses.
IRIS OpenPortal: Tolley Lookup
Tolley Lookup is the new improved Tolley’s Whillans Rate Checker and extends the content to a whole new level.
Getting dates, rates and allowances wrong can have dire impacts for both you and your clients. The combination of client pressure and the constantly changing tax system is making tax work high risk and high stress.
Getting clear and reliable answers can quickly consume a disproportionate amount of time from your working day. Tolley Lookup gives you this time back by providing instant answers you can rely on to simple “what is” tax questions.
With rates, dates, allowances and definitions across all tax areas including historical archives, Tolley Lookup gives you just what you need and nothing more.
Now accessible from the IRIS OpenPortal you have access to authoritative answers you can rely on from the market leading tax experts at Tolley directly from within IRIS.