IRIS Summer 2025 release v25.2.0
Overview
The IRIS Accountancy Suite Summer release version 25.2.0.378 includes all legislative updates to ensure your ongoing compliance, plus updates to Academy Accounts formats and FRC 2025 Taxonomy. Updates in Personal Tax and Trust Tax include the removal of the Furnished Holiday Lettings (FHL) tax regime and the Foreign Tax Credit Relief reports have been updated to reflect the Capital Gains Tax changes. The release also includes IRIS Personal Tax MTD functionality which is fully HMRC-Recognised, streamlining everything you need for the MTD pilot.
Legislation and annual updates are also included as well as resolutions to issues found in previous releases.
IRIS Accounts Production
Academies Accounts Direction 2024 to 2025
Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction (AAD) 2024 to 2025 for accounting periods to 31 August 2025.
Along with the annual updates to refer to the accounting year within the body of the report including Trustees’ Report and Governance Statement and we have aligned certain areas of disclosure with the AAD, more details can be found in our full features content.
Finally following changes introduced by the Economic Crime and Corporate Transparency Act and the recent announcement by Companies House that from April 2027 all Accounts must be filed to the registrar using commercial software, we have applied the appropriate iXBRL tagging to Academy Accounts and enabled electronic filing of these accounts within the software.
FRC 2025 Taxonomy
We have applied the latest 2025 Taxonomy issued by the FRC. This will give qualifying accounts formats access to the most current iXBRL tagging to support electronic filing requirements for both Companies House and HMRC and complement the FRS102 Periodic Review 2024 amendments introduced in the Spring 2025 release v25.1.0.
IRIS Personal Tax and Trust Tax
Individuals
- IRIS Personal Tax and Trust Tax have been updated to withdraw all relevant functionality and calculations related to FHL following HMRC’s decision to remove all Furnished Holiday lettings functionality.
- Foreign Tax credit reports for Personal Tax and Trust Tax have been updated to reflect the Capital gains updates to Tax Year 2026.
Resolved issues:
- Farmers Averaging is now being calculated correctly for Tax year 2025 in line with previous tax years on 2 and 5 years Averaging.
- Class4 NIC on the Trade computation and the Tax Computation is now being calculated correctly by using the correct Self Employment Income which now includes Farmers Averaging values.
- A loss for a Sole Trade in a Tax Year is now being included within the ‘Total loss carried forward’ Box (80) when generating a Tax return
- The Profit split between two partners is now being reflected correctly in Personal tax for which Partnership profit is being apportioned by 365 days.
- The Partnership rental income is now being reflected correctly in Personal tax for which Partnership income is being apportioned by 365 days.
- Box L168 is now being populated with the appropriate Company PAYE and NIC liabilities as entered in the Additional information section of the Reasearch and Development Tab for CTAPs starting on or after 01/04/2024.
Making Tax Digital
IRIS Personal Tax MTD functionality fully HMRC-Recognised, we’re ready to take the next step.
We’ve enhanced our software with comprehensive Making Tax Digital capabilities, streamlining everything you need for the MTD pilot. From submitting quarterly data for self-employments and UK/foreign property to managing all other income sources, reliefs, and finalising your clients’ positions – it’s all seamlessly integrated.
Ready to transform your tax workflow? Join the pilot program today and discover how MTD can work effortlessly within your existing business processes. Experience firsthand how our solution simplifies compliance while maintaining the efficiency your practice demands.
For more information, click here.
Don’t Miss: MTD Masterclass with Corbyn Turner
Join IRIS expert Corbyn Turner as he walks through everything you need to know about Making Tax Digital following the April 2025 pilot launch: Webinar
You’ll gain clarity on: What’s happening with the public pilot, practical user journeys in IRIS software and how to prepare your firm and clients.
All Tax
Tax Legislation and annual updates:
- Updates to Dividends Database
- Updates to CT600 Final Forms
- Updates to SA700 Forms
- Tax Year 2025 updates to Individuals and Corporation Tax (CT) Drill Downs.
IRIS Core
- A tool has been added to fix the issue with Clock Drift for Elements Synchronization.