IRIS Spring 2022 release v22.1

Overview

The IRIS Accountancy Suite Spring release version 22.1.0 includes all legislative updates to ensure your ongoing compliance, including the latest SORP for LLPs, inclusion of the new CT600M form and extension to the increased AIA limit. The release also includes some great new features including a new report specifically for SECR and the ability to drilldown into some of the values in the SmartTax calculation. Plus, we have the ability for you to join the MTD ITSA HMRC Pilot via IRIS Personal Tax. 

IRIS Accounts Production

New Limited Liability Partnership (LLP) Statement of Recommended Practice (SORP)

On 17 December 2021 the CCAB issued a revised SORP for LLP’s, this became effective for accounting periods starting on or after 1 January 2022. For accounting periods that start before this date as permitted, we have included a Data Screen to allow early adoption that enable’s the following changes. 

• For LLP’s that produce a Cash Flow Statement, we have included the option to include a new appropriate accounting policy for Classification of share of profits in the cashflow statement 
• Permit disclosure of Members’ share of profits within the Cash Flow Statement 
• Permit the disclosure of Members’ Drawings on account and Distributions of profit, within the Reconciliation of Members’ Interest statement 
• The term ‘unallocated profit’ has been updated to now be referred to as ‘undivided profit’. 

By implementing these changes, it reaffirms our commitment to be first to apply the latest legislation to provide you the required tools to produce compliant accounts. 

Streamlined Energy and Carbon Reporting (SECR)

In early September 2021 the FRC published their review into reporting on emission, energy consumption and related matters under the SECR.  As a result of this review, we have introduced a more comprehensive selection of Data Screens within the Report of the Directors section. 
These changes have been made available where applicable for Limited Companies including Charity’s, Group Accounts and LLP’s 

Report of the Directors – post balance sheet events

Following this request from multiple customers, we have updated the disclosure for post balance sheet events within the Report of the Directors which will allow you to amend the default wording for both the heading and detailed text within.  

Fixed Asset Investments increased Additional Items – iXBRL labels

Following on from last Autumn’s release, where we increased the number of available Subsidiaries, Associated Companies and Subsidiaries not in Parent, as part of this release, we have now applied the relevant iXBRL taxonomy concept labels to each additional new item to ensure greater levels of compliance are achieved when electronically filing with Companies House and HMRC.  

FRS105 Fixed Assets – Exception report

Previously when preparing accounts under FRS105 in the software, where there was a difference in the fixed assets between the carry forward and brought forward balances, an exception was not included within the exception report, as part of this release we have included the relevant exception to ensure it is easier to spot differences between comparable year on year balances. 

International Accounting Standards (IAS) – report format updates

Based on customer feedback, we have updated the reporting options when preparing accounts under IAS.   

• The first relates to the non-statutory income statement summaries report title which is now customisable as and when required.
• The second revision relates the Statements of Cashflows and the ability to now edit the description of the ‘Tax paid’ narrative within the report.

• Finally, we have included an accounting policy for cash and cash equivalents. 

These marginal gains are aimed at improving report customisation. 

Audit Report – reference to Singular Shareholder or Member

Within the Data Screens for the Report of the Auditors, Options section we have included a tickbox to refer to Shareholders or Members as singular rather than plural.

IRIS Personal Tax

Making Tax Digital

Making Tax Digital functionality has finally arrived, we have updated the personal tax product to enable you and your practice in preparation for the MTD pilot (April 2022).  
MTD functionality will run alongside the standard SA functionality and will simultaneously complete the clients SA return as well as giving the ability to complete in-year obligations where a client has been identified as MTD compliant. 
In this release of IRIS, we have focused on delivering functionality which will allow you to complete the in-year obligations associated with income sources which are required to be submitted quarterly, this will include sole trade and UK property Income. 
All MTD related submission will be channeled through the IRIS Digital Tax Hub, where the software will guide you through the MTD workflow, highlighting any outstanding tasks to simplify a complex MTD workflow. 

IRIS SmartTax

Drillable income sources

IRIS SmartTax calculation processed 5,100,000 tax calculations in the January month alone, bringing time saving to many practices across the IRIS user base.
We continue to deliver value added features to the SmartTax application, in this release of IRIS we have enhanced the Live tax calculation, with drilldown features for Sole trades and property income. 
Where income has been received from Sole trades and/or Property, it is possible to drill into these income sources to review the detailed profit and loss for each trade and/or Property business. 

Self-assessment legislative updates

• Removal of data entry for disguised remuneration for tax year 2022 onward. 
• Removal of ‘Number of days in the UK in order to carry out specified coronavirus (COVID-19) related work’ field from the non-resident page for 2022 onward. 
• Increase in NIC and Dividend rate for 2023 onward.

IRIS Business Tax

Controlled foreign companies CT600(B)

The controlled foreign companies’ data entry has been updated within IRIS business tax for limited companies to cater for the change that has been made to the CT600(B). 

Research and Development CT600(L)

We have updated the SME R&D Tax credit data entry to accommodate for the additional information required on the CT600(L) when making an SME Tax credit claim.  
You can now enter connected companies’ information where that company is part of a group and PAYE and NIC have been paid, this amount will then be automatically taken into consideration when calculating the restriction on payable tax credit on an SME claim.  

Freeport allowance CT600(M)

The government announced that an enhanced SBA is available on Freeports, the enhanced SBA will be available for qualifying assets brought into use on or before 30 September 2026. The enhanced rate is at 10% on a straight-line basis.
In line with this latest legislation HMRC has released a new supplementary form CT600(M) to cater for allowances claimed against Freeports.  
In response to this legislation and new form, we have updated both the capital allowance and structures and building allowance data entry, which will automatically populate the necessary fields on the CT600/CT600(M) to ensure all information required by HMRC is completed. 
On field validation has been implemented within the Freeport data (with structures and building allowance), to reduce any validation at the point of generating the return of internet submission. 

Legislative updates

• Removal of disguised remuneration data entry for SA800  
• Temporary AIA limit (£1,000,000) extended to 31^st March 2023 

All Tax

Zero emissions – cars

Updates have been made to the mapping to all IRIS tax products to cater for the new Zero emission car fields added to the SA800, SA100 and CT600.  
We previously implemented a field within capital allowances to identify asset as zero emission cars, we now automatically map these assets to the corresponding fields on the return and automatically transfer through to personal tax where identified.  

Tax legislation and annual updates

• Updated Dividends databases  
• Updates to SA100, SA800, SA900, R40, and CT600 forms  
• Updates to e-checklists for 2021/22 
• All the updated reports, calculations and rates for the 2021/22 tax year   
• Updates to Capital Allowances  

Productivity

Default to Billing Email Address when sending Fee documents

With the latest release we are improving the workflow around sending your Fee Documents to clients via e-mail. When you go to send a Fee Document (such as an Invoice, Statement, Credit Note etc.) to a client, the system will default to using the billing email address, rather than using the Main email address listed against the client.  
This saves the user time, especially when sending multiple fee documents, as you no-longer will have to select the billing email address for each email you send out.  

Schedule Time ledger updates

To improve the workflow of updating time postings to the Time Ledger, we’ve introduced the ability to schedule in a time ledger update using Windows Task Scheduling tool.   
Using the scheduler, users can set the update to happen out of hours without requiring manual intervention. This will give a greater degree of flexibility to you as to when you wish to update the time ledger.   

Core

TLS update

As part of IRIS’s ongoing commitment to the security of our customer’s sites, we are taking steps towards the removal of support for TLS 1.0 and 1.1 in the April release of IRIS Accountancy Suite, with the full removal of support coming into effect with our summer release. 
This will initially come in the form of a patch release to install on top of the v22.1 installer. Those who wish to disable TLS 1.0 and 1.1 can request the patch from our support team. Communications will be sent out to all customers when the patch is available.