IRIS Summer 2021 release v21.2

Overview

The IRIS Accountancy Suite Summer Release Version 21.2 includes all legislative updates to ensure your ongoing compliance, including this year’s Academies Accounts Direction update as well as all the latest tax updates following the latest Budget announcements, including the new Super Deduction allowance.  The release also includes some great new features including new data retrieved from HMRC as part of the Pre-population feature in Personal Tax.  Plus, we have the official launch of IRIS SmartTax, which provides a live ‘real-time’ tax calculation. 

• IRIS Accounts Production
• IRIS Company Secretarial/Company Formations
• IRIS Personal Tax
• IRIS Business Tax
• All Tax

IRIS Accounts Production

Academies Accounts Direction 2020 to 2021

Updates to Academies, to accommodate the recently released Academies Accounts Direction 2020 to 2021 to support Academy Accounts to 31 August 2021. 

Central Services

We have added a new data screen to allow for the disclosure of Central Services within the notes to the financial statements, SOFA Items section. 

Long-term Commitments – operating leases

We have introduced new data screens to allow for additional disclosure requirements of Operating Leases, which are now required to be shown in a Long-Term Commitments note. This will allow the commitment to be split within one year, between one and five years and more than 5 years. There is also a new section to disclose other contractual commitments. 

IRIS Elements Financial Performance Review

Now available via IRIS Elements, a graphical dashboard reporting up to five years of a client’s key business KPIs. Using the data already in Accounts Production, graphs can quickly and simply be generated to provide to clients, enhancing your conversations when discussing the financial statements and business performance. To find out more click here.

Company Secretarial / Company Formations

Sensitive name update to annex A

The software now includes the updated list from 29 March 2021 of sensitive names to reflect recent changes made in Annex A. This affects both entities changing name and newly incorporated entities. 

IRIS Personal Tax

IRIS SmartTax – general availability

IRIS SmartTax has finally arrived! We will be switching SmartTax on in a phased approach, as you update to the summer release, we will iteratively switch SmartTax on for your practice over the coming weeks. However, if you would like this process accelerated for your practice you may email Beta@IRIS.co.uk stating your practice name and CRN.  

SmartTax is the first of many features to enhance the desktop products powered by IRIS Elements. This first feature to be implemented into SmartTax is the 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.  

SmartTax is available to any existing Personal Tax user and can be displayed on any workstation setup, however, please note that SmartTax will only automatically appear if your hardware is set to the supported criteria (1680 x 1050 or higher). Resolutions below this will trigger a warning that the SmartTax window could interfere with the data entry for Personal Tax and you will have the option to enable it if you choose.  (SmartTax can be switched on or off via the Setup menu and selecting the ‘Enable SmartTax’ option).  

Pre-pop updates

Updates have been made to the Pre-pop APIs within Personal tax to cater for the additional information that can now be retrieved from HMRC.  

It is now possible to retrieve the amount of SEISS grants claimed by an individual for a specific tax year, as well as whether an individual falls within ‘off payroll working’.  

The software will automatically update an individual’s corresponding employment record where they are classed as falling within ‘off payroll working’. The SEISS grant will appear as an entry on the exception report. 

IRIS Business Tax

Super deduction

Updates have been made to the capital allowances feature within the Business Tax module. These changes have been made to cater for the announcement of the Super Deduction Allowance in the recent Budget.  

It is now possible to claim 130% first year allowances on qualifying plant & machinery assets, as well as claiming 50% first year allowances on qualifying special rate assets which have been purchased between the 1st April 2021 – 31st March 2023.  

IRIS will track these assets through their life and apply the specific disposal rules that apply to assets which have had the new Super Deduction FYA allowances applied. 

Share loss relief

Recently HMRC extended the scope for share loss relief to cover newly issued shares in small and medium unlisted trading companies outside of the UK which are subsequently disposed of for a loss. 

To cater for the extended scope in the share loss relief legislation, we have enhanced the share loss relief feature within IRIS Business tax, allowing for a more comprehensive memo to appear on the computation to be submitted to the HMRC.  

SME Tax Credit – prevention abuse

We have enhanced the SME R&D tax credit feature in business tax to take into consideration the recently announced ‘preventing abuse of R&D tax credit relief for SME enterprises’. This change will take affect for accounting periods starting on or after 1^st April 2021. 

IRIS will automatically restrict the amount of SME tax credit that can be claimed for the selected accounting period. We have taken into consideration where companies are exempt from this condition and therefore can advise the software to lift this restriction. 

All Tax

Tax Legislation and annual updates

• Updated Dividends databases   
• Form 50(Fs) updates   
• Updated Drill down CT600 and CT600(L)