IRIS Keytime Accountants' Suite Summer 2022 release

We are delighted to announce the Summer 2022 release of our software for Accountants.

Please note that before you can install this version, you must have installed version 22.1.0 or later.

To check the version, open any Keytime module, select the Help menu and select About.

If you have a version earlier than can download and install 22.1.0 from here where you will also find instructions on how to install.

Corporation Tax

Creative Tax Credit

Includes the increase in the rate for the Creative Tax Credit for the period starting on or after the 27th October 2021. The government intends to raise the rates of three corporation tax reliefs that are collectively referred to as the ‘cultural reliefs’: Theatre Tax Relief (TTR), Orchestra Tax Relief (OTR), and Museums and Galleries Exhibition Tax Relief (MGETR).

This is intended as a temporary measure to have beneficial outcomes for the sector in the UK’s economic recovery from coronavirus (COVID-19). As such, the rate increase is intended to last for two years and five months beginning from 27 October 2021. The rates will taper down from 1 April 2023 before returning to current levels from 1 April 2024.

Marginal Relief

The Reintroduction of Marginal Relief from 2023 for the period starting on or after the 1st April 2023.

The government have announced that with effect from 1 April 2023, they will be reintroducing two rates of Corporation Tax. This will be achieved by increasing the Corporation Tax main rate from 19% to 25% for companies with profits over £250,000. The rate of Tax will remain at 19% for small profit companies (companies with profits not more than £50,000) Marginal relief available for profits up to £250,000.

This release also provides you with solutions to several issues reported since the last release.