IRIS Keytime Accountants' Suite Spring 2023 release
We are delighted to announce the release of the 2023 versions of our software for accountants. You can get started using the links in this article.
Before installing the update, please download and read our Getting Started guide:
Download the Software here:
If you’re already registered, the software will automatically prompt you to download your new registration codes when the existing ones are about to expire.
Trial Licence Codes
A two week trial licence code is available for any unregistered module you wish to evaluate.
Ensure that you have taken a recent backup of your Keytime data prior to running the update.
Instructions on how to back up can be found here: Backing up your Keytime data.
Running the Update
- Close all Keytime software.
- Download the update by clicking Run (or click Save if you wish to store the file in the network location to update other computers in your office).
- Run the update and follow the on-screen prompts. Click Finish when prompted to close the installer.
- If prompted, restart the PC.
- Run the update on every PC accessing Keytime software (access the update from the network location in step 3 above).
- To check the version number, open any Keytime module, select the Help menu and then select About.
IRIS Keytime Accounts Production
New Limited Liability Partnership (LLP) Statement of Recommended Practice (SORP)
On 17 December 2021 the CCAB finalised their revised SORP for LLP’s. This is effective for accounting periods starting on or after 1 January 2022.
Within the Profit and Loss Account operating profit section we have made two changes:
- Updated the wording ‘Profit before members’ remuneration and profit share‘ to now say ‘Profit or loss for the financial year before members’ remuneration and profit shares‘.
- Updated the wording ‘Profit for the financial year‘ to say ‘Profit or loss for the financial year available for discretionary division among members‘.
To permit the disclosure of Member’s Drawings on account and Distributions of profit, within the Reconciliation of Members’ Interest statement, we have updated the wording ‘Drawings‘ to say ‘Drawings on account and distribution of profit‘.
IRIS Keytime Corporation Tax
From April 2023 the main rate of corporation tax will increase to 25% (19% for businesses with profits less than £50,000) and with the reintroduction of Upper, lower limits and marginal relief, naturally we see the reintroduction of associated companies.
The software has been updated to automatically apportion the upper and lower limits based on the number of associated companies entered, which will also impact the calculation of corporation tax and the marginal relief calculation.
New boxes have been added to the IRIS Keytime (Boxes 326 – 328) to cater for the reintroduction of associated companies.
CT600L – Research and Development (SME and RDEC rate changes)
RDEC rate increase
Keytime has been updated to cater for the rate increase of RDEC from 13% to 20%, the software will continue to correctly calculate the tax credit based on the entries entered.
The software has been updated to cater for all scenarios including those with straddling periods, where the rate will be both 13% and 20% dependent on the date the expenditure was incurred.
SME R&D credit rate change
Keytime has been updated in line with the SME Tax credit rate decrease from 14.5% to 10% along with a decrease in the additional deduction on SME tax credit expenditure which has decreased from 130% to 86%.
Capital allowance £1,000,000 AIA limit
In the mini budget it was announced that the planned reduction of the AIA limit to £200,000 from 1st April 2023 would be scrapped, the system has been updated to continue to automatically apply AIA up to the £1,000,000 limit, this has been set in the software to apply to all future accounting periods.
IRIS Keytime Personal Tax
Tax legislation updates
Introduction of shareholdings from a QAHC
From 2023 onwards updates have been made to IRIS Keytime to allow the entering of shares that are from a qualifying asset holding company, with the added ability to enter these based on if the shares are Excluded indexed securities or shares repurchased.
These additional fields can be found on page 4 of the capital gains pages.
Tax legislation and annual updates
- Updated Dividends databases
- Updates to SA100, SA800, SA900, CT600, SA700 and R185 forms
- All the updated reports, calculations and rates for the 2022/23 tax year
- Updates to Capital Allowances