IRIS Keytime Accountants' Suite Summer release v23.2

The Summer 2023 release service pack of Keytime Accountants’ Suite v23.2 is now available.

This release provides you with solutions to a number of issues reported since the last release.

Please note that before you can install this version, you must have installed version 23.1. To check the version, open any Keytime module, select the Help menu and select About.

If you have a version earlier than 23.1 you can download and install 23.1 from the link in this article.

Further instructions on how to install can be found in this article.

Tax legislation and annual updates:

  • updated Dividends databases 
  • updates to the latest version of the CT600
  • updated to the latest CT taxonomy

IRIS Keytime Corporation 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 Corporation tax 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 the Keytime Corporation tax to automatically calculate the amount of tax credit that can be claimed for 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.

Capital allowance – full expensing

It was recently announced by the government that from April 2023 until the end of March 2026 companies can now benefit from full expensing, which offers 100% FYA on new main rate plant & machinery and 50% FYA for new special rate assets.

The Keytime corporation tax product has been updated to easily identify the assets under the corresponding relief claim from which the software will automatically calculate, track and report on the necessary supporting documentation.