IRIS Summer 2020 Release v20.2

Overview

The IRIS Accountancy Suite Summer Release Version 20.2 includes all legislative updates to ensure your ongoing compliance, including this year's Academies Accounts Direction update as well as all tax rates and bands for the 2020/21 tax year, following the March 2020 Budget announcements.


IRIS Accounts Production

Charity and Academy Format Lead Schedules

New reports have been included to allow the production of Lead Schedules for both Charity and Academy formats.

Academies Accounts Direction 2019 to 2020

Updates to Academies, to accommodate the recently released Academies Accounts Direction 2019 to 2020 to support Academy Accounts to 31 August 2020.


IRIS Company Secretarial/Company Formations

Sensitive Names update to Annex A

Update to reflect changes made in legislation for Incorporation and names (Annex A) to include several Welsh names that are now considered to be sensitive.


Tax General

Budget Updates

The following changes have been made as a result of the March 2020 Budget:

  • Entrepreneurs relief limit has been reduced to £1,000,000
  • Structures and Buildings Allowance has increased to 3%
  • Research & Development tax credit rate has increased to 13%
  • All personal tax rates and bands updated for 2020/21