IRIS Summer 2023 full features v23.2
The IRIS Accountancy Suite Summer release version 23.2.0 includes all legislative updates to ensure your ongoing compliance including; the latest Academy Account formats, updates to the Assurance report and the newest rates for R&D and creative tax credits.
IRIS Accounts Production
Academies Accounts Direction 2022 to 2023
Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2022 to 2023 for accounting periods to 31 August 2023. These include changes to the reference date to reflect in the statement of trustee’s responsibilities, audit report, report of regularity and accounting policies note for the basis of preparation.
We have also updated the Statement on Regularity, Propriety and Compliance to include a subtle change in wording for estates safety and management. This continues our commitment to bringing the latest compliance.
IRIS KashFlow APIs update
As part of our commitment in providing you with industry standard API technology, in this release we have update to the Application Program Interface (API) supplied by KashFlow. This update retains the vast majority of existing workflow and integrations between the two products. The main noticeable difference within Accounts Production is when you ask for KashFlow data the Accounts production software will prompt you for appropriate login.
IRIS Elements Cashbook – integration
Early this year we released IRIS Elements Cashbook, a bookkeeping tool specifically aimed at Sole trade businesses who aren’t VAT registered. Cashbook allows either your client or you to keep their records digitally. As part of this release Cashbook is now fully integrated with IRIS Account Production, meaning Trial Balance information can be imported and manipulated with two-way integration saving you time when preparing information for both your client and external agencies.
The good news, if you have an IRIS Accounts Production licence there will be no additional software fee charge for any of your clients or you wishing to make use of IRIS Elements Cashbook.
Assurance report update Tech09/13 AAF (revised)
Following a revision to ICAEW’s Tech09/13 AAF, Assurance Review Engagements on Historical Financial Statements, when selecting an Assurance report, we have made the following changes to Data Screens and corresponding standard layouts and wording for the equivalent report outputs.
- Within the Data Screens, Report of Directors, Statement of Directors’ Responsibilities, Report of the Accountants, Statement Required, it is no longer permissible to include a Statement of Directors’ Responsibilities within the Report of Directors, as a result we have removed this option. The same also applies if you have selected an Audit Report in your choice of report.
- Within the Data Screens, Auditors and Accountants, Accountants, Assurance Report, Statement of Directors Responsibilities, it is now permissible to include a Statement of Directors’ Responsibilities within an Assurance Report and a new Data Screen has been created to capture this disclosure, this compensates for removal above, with the option to add content to the default wording or fully replace as needed. Again, the same also applies if you have selected an Audit Report in your choice of report.
We have also updated the Assurance Report wording where it is applied to accounts prepared under the Micro-Entities Regime Financial Reporting Standard (FRS) 105. If you wish to revert to the original wording and Data Screens tree structure, this can be done from within the Data Screens Old Legislation, etc, Auditors and Accountants Assurance report Statement of Directors’ Responsibility.
The changes will be reflected on Limited Companies, Limited Liability Partnerships, Groups and all accounting standards that allow for an assurance report.
IRIS Personal Tax
Tax legislation and annual updates:
- Updated the dividend database to reflect the latest dividend declaration.
- Updated the latest Form 50(fs) for tax year 2023.
- Trust tax – Updated box 18 to correctly calculate the tax at 8.75% oppose to 7.5%.
- Updated the software to ensure that running the schedules of data (2021) no longer crashes.
- Farmers averaging over 5 years is not correctly retained rather than the system automatically reverting to 2 years.
- Updates have been made to allow for SITR entries to be made post 05/04/2021.
- Updated the tax comp to remove the line “NIC 2 treated as paid Nil” where an individual has reached pensionable age.
IRIS Business Tax
SME R&D – Intensive tax credits
The government announced that the tax credit rate for SME R&D claims would reduce from 14.5% to 10%, however in addition to this the government announced a new SME tax credit for R&D Intensive companies. Companies whose qualifying expenditure is 40% or more will be allowed to claim an SME tax credit at an uplifted rate of 14.5%.
We have updated the Business tax R&D functionality to allow you to easily identify a company as an R&D intensive company and subsequently have the software automatically calculate the corresponding SME R&D claim at the uplifted 14.5%, without any additional manual calculations. This will then automatically map to the CT600 and supporting documents.
Creative tax credit higher rate extension
The government announced a temporary extension to the rate rises of Theatre tax relief, Orchestra tax relief and Museums & galleries exhibition tax relief for 2 additional years. The government originally intended for these increased tax rates to taper down from the 1st April 2023 however this has now been extended to the 1st April 2025.
Current tax credit rates from 1st April 2023:
- Theatre (Non-Touring/Touring) – 45%/50%
- Orchestra – 50%
- Museum & Galleries (Non-Touring/Touring) – 45%/50%
We have updated IRIS Business Tax to automatically restrict the amount of tax credit that can be entered as a creative tax credit, while also considering period that straddle multiple thresholds, ensuring that you are able to successfully file your creative tax credit first time without running the risk of needing to amend.
Assets that had 50% FYA claimed in the period accounting period being incorrectly completed on the CT600 and giving rise to the validation error: Box 773 must be completed if box 693 is completed.
Other gender added to client contacts
With the summer release, we’ve added the Other gender option to the client contacts, so that you can now respectfully display the gender of the contact.