IRIS Summer 2019 v19.2 Full Features
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.
- Personal Tax
- Business Tax
- Accounts Production
- Company Formation
- Time & Fees
- OpenPortal: Tolley Lookup
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.
Marriage Allowance eligibility for clients with pension contributions
The marriage allowance calculation has been updated to correct an issue where clients were incorrectly being deemed not eligible for marriage allowance where the basic rate band hand been extended by pension payments.
Foreign Property income
Box 30 on the foreign property pages is now being completed with £0 where property income has been reduced to £0 by losses brought forward, this stops pre-filing Error 8571: [FOR30] should be present if [FOR30F] appearing.
You are required to regenerate any affected returns in order to file the returns online.
Residential Finance Costs for 2019/20
The 2020 data entry has been updated to apply the 25-75 split on finance expenses.
State Pension lump sums for Scottish taxpayers
The tax calculation has been updated to use the Scottish basic rate band when calculating the tax due on pension lump sums.
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
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.
Excess Management expenses brought forward
An issue where excess management expenses incurred pre 01/04/2017 has been fixed.
Research and Development Tax Credits (RDEC)
The tax computation has been updated to add an adjustment for any RDEC that will be carried forward to the following year. This results in the Corporation Tax repayable amount being reduced to only the amount actually being repaid in the year.
Research and Development Tax Credits (SMEs)
The data entry has been updated to allow users to round up the value entered for the R&D tax credit (Box 530).
Marginal Tax Relief
The marginal tax relief calculation has been removed from the tax computation for any years where this is no longer applicable.
Partnership Share Allocation
The partnership share allocation has been updated to correctly reflect the percentages where a partners has joined or left with in the accounting period.
IRIS Accounts Production
Academies Accounts Direction 2018 to 2019
Legislative updates to Academies, to accommodate the recently released Academies Accounts Direction 2018 to 2019 to support Academy Accounts to 31 August 2019.
IRIS Company Formation
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.
Fixed: Slow to open Templates screen
Issues with the template screen opening up slowly have now been resolved.
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.