IRIS Autumn 2022 release v22.3
Overview
The IRIS Accountancy Suite Autumn release version 22.3 includes legislative updates to ensure your ongoing compliance including updates to MTD (Making Tax Digital) functionality, in anticipation of HMRC widening their MTD pilot criteria. Plus, enhancements based upon your feedback, such as including the ability to drill into the Exception Report in the Interactive Accounts.
IRIS Accounts Production
Exception Report becomes fully Interactive
Following feedback from customers and continuing with the drive to make the preparation of accounts more intuitive. As part of this release, when using the Interactive Report, we have made any items included in the Exception Report drillable. The Exception Report contains items that would typically prevent you from being able to electronically submit the appropriate accounts for Limited Companies or Limited Liability Partnerships to Companies House or HMRC.
This feature will save you considerable time compared to searching through specific data screens to clear the appropriate exceptions or clicking in and out of reports to resolve exceptions.
Inclusion of Executors
For Sole Trade and unincorporated Partnership formats we have updated the Client Approval Data Screen by including a new free form box for a reference to executor(s) or administrator(s) that will allow you to include an appropriate title in respect of a deceased person(s).
IRIS Personal Tax
Making Tax Digital
In this release of IRIS, we continue in our mission to deliver all functionality captured by MTD, for this release we have updated the digital tax hub with the ability to update HMRC on the handling of brought forward losses, retrieval and reconciliation of Employment income held by HMRC and any individual state benefits claimed by the taxpayer.
We have implemented these additional sources in anticipation of HMRC widening their MTD pilot criteria.
We start to see the holistic solution of MTD come together in the IRIS Personal tax solution.
If you and your practice are interested in joining the MTD pilot, please contact us on MTD@IRIS.co.uk. This is a huge opportunity to engage with us and HMRC directly while learning the MTD process.
Legislation updates:
- Class 4 NIC lower profit limit update from £9,880 to £11,908 for tax year 2023 (£12,570 2024)
- Class 2 NIC small profit threshold update to £11,908
- Exclusions updates – warnings added where individuals encounter specific criteria
IRIS Business Tax
Legislation updates
The government announced that the increase in AIA limit of £1,000,000 would be extended to the 31st March 2023 as well as a rate change for S455 tax to 33.75%. However, HMRC did not release the corresponding schemas which resulted in returns being rejected where S455 tax arose and AIA was claimed greater than £200,000 for periods straddling 01/04/2022.
In this release of IRIS, we have updated the schema to allow for these situations to now be successfully submitted to HMRC.
IRIS Core
Hidden staff members marked as no-longer employed
As part of our drive to improve the overall user experience, we have made changes to the staff browser to hide staff members that are marked as No Longer employed by default. This simple change allows you to see all your current and relevant staff members without having to sift through old records.
