IRIS Winter 2021 Full Features v21.4
The IRIS Accountancy Suite Winter release version 21.4.0 includes some vital updates such as an update to the Audit Report and the highly requested enhancement to shared addresses, which means email addresses and telephone numbers are no longer automatically shared as part of the shared address.
IRIS Accounts Production
Audit Report update
In August 2021 the FRC issued a Bulletin for the Illustrative Auditor’s Report, that became effective for accounting periods commencing after 1st February 2020 with filing due after 31st December 2020.
To ensure you remain compliant in this area we have implemented the new prescribed wording for Detecting Irregularities Data Screen section of the Auditors’ Responsibilities for Audit of Financial Statements. If the Audit report is dated prior to 1st December 2021 then the older wording will be employed.
However, if the audit report is dated after 1st December 2021 then the revised wording will be used. For whatever the reason should you wish to still refer the old wording it is possible to utilise this from Old Legislation section of the Data Screens.
IRIS Auditor update
As part of a request from a group of customers we have included a Consultation/ethics review checklist in section 2.2(ii).
IRIS Elements Financial Performance Review (FPR) - improved integration
As part of this release, we have streamlined the workflow when generating an FPR report. Financial Performance Review or FPR for short is a new IRIS Elements powered report that allows trial balance information for up to 5 periods to be presented in a graphic view.
This latest update allows the trial balance to flow seamlessly without the need for manually exporting and uploading. The workflow is all contained within IRIS Accounts Production to simplify and reduce the time take to view the report. To gain access to this new report please speak to your account manager.
IRIS Company Secretarial
Confirmation Statement Dates report
For this release we have corrected an issue where the Confirmation Statement Dates report was not picking up all expected entities in a specified date range.
IRIS Personal Tax
SmartTax is now available for all users of IRIS Personal Tax. SmartTax is a live 'real-time' calculation which will return instant results from the data entered for the selected client without the need to run any additional reports.
In this release we have made performance improvements to provide results even faster and resolved the issue of Employment income retrieved from HMRC not being included in the calculation.
In previous versions, when calling employment data and Pensions and State benefits, where the HMRC value was selected oppose to the user value, this value was not taken into consideration in the SmartTax calculation. This has now been rectified and will reflect the individuals correct financial position where information is called from HMRC and selected.
MTD Data Mining
Although the mandation of MTD has been delayed to April 2024, this initiative will inevitably creep up on us and therefore preparation is the key to success.
Updates have been made to the existing digital tax client list (Digital Tax |Digital Tax Client List), to allow users to query client data, to identify which clients will fall within the MTD mandate first.
The new fields added allow you to identify clients with income above the £10k threshold across Trade, L&P and Foreign L&P (Singularly or accumulatively).
- Importing postings from KashFlow pulls through incorrect dates which affects figures
- CGT - Reference field for Real time transactions only accepts 14 characters – extended to 15
- SmartTax – SEISS grant not being included within partnership income
- Administration / HM Revenue and Customers – 2020 interest rate missing
- Rejection error 6492 - Excluded income does not include foreign dividends
IRIS Business Tax
- Multiple trade clients have incorrect summary of trading losses where claiming creative tax credits
- RDEC does not display on the computation of the second CTAP where LTDs have a long period of account
- An incorrect amount of NTLRD is being brought forward for LTDs with a long period of account
- R&D entries not being retained within the data entry for LTDs with multiple trades
- LTDs with multiple trades and claiming RDEC - ‘Less adjustment to tax credits’ is multiple by the number of trades entered.
- Tax already paid not taken into consideration where a profit-making company is pushed into a loss making postion due to an R&D claim
SEISS (Self Employment Support Scheme) mapping update
This enhancement has been available since 21.3.0
To cater for the transfer of SEISS via AP/BTax/PTax and due to the temporary nature of SEISS we have updated the mapping in business tax to cater for any coronavirus support claims made from a sole trade.
It is now possible to update the mapping globally or for a specifically client via Setup | Accounts for self-assessment, for SEISS to transfer directly to box 70.1 on the SA return.
SEISS Mapping will need to be manually mapped.
To do this:
In Business Tax | go to Setup | Accounts for Self-assessment
- Selecting ‘Business’ will update mapping for the selected client.
- Selecting ‘Chart’ will update mapping globally.
Select either ‘Business’ or ‘Chart’ | select the corresponding tax year | highlight and select ‘Change’ on box 70.1 ‘Self-Employment Income Support Scheme Grant’
Click Add | Add the account code to which SEISS has been posted to in AP
When refreshing data from Business tax to Personal tax, SEISS will map to the corresponding SEISS field.
Update to the Shared Addresses
With the Winter release we are including new changes to the Shared Address feature. This change will allow users to share a client’s address with other client records, without sharing the client telephone and email details, keeping accurate records and opening up additional fields for contract information.
This change will not affect addresses retroactively, so shared addresses and their associated telephone and email addresses will remain the same after updating to v21.4.