IRIS Autumn 2024 release v24.3.0

Overview

The IRIS Accountancy Suite Autumn release version 24.3.0 includes additional functionality to allow electronic submissions for revised financial statements as well as amendments to the FRS 101 Reduced Disclosure Framework.
IRIS Business Tax has been updated to accommodate for changes announced under the Audio-Visual reform, which introduces Expenditure Credits. The Autumn release also reflects all new legislative updates.

• IRIS Accounts Production
• IRIS Personal Tax
• IRIS Business Tax
• IRIS Trust Tax
• IRIS Productivity
• IRIS Core

IRIS Accounts Production

Revised Financial Statements – (amended accounts) Electronic submission
The capability of electronically filing of Revised financial statements (amended accounts) with Companies House has been added to the software. This follows the release of Revised financial statements (amended accounts) back in the Spring 2021.

If an earlier version of the FRC Taxonomy has been used (FRC Taxonomy 2022 or earlier) to file the original set of accounts, the software will prevent an amended set from being filed.  In this instance, please create a new duplicate post file for the year or period in question and copy the trial balance across. 

This update showcases our commitment to enabling filing of all applicable accounts with Companies House electronically, in anticipation of the mandate for software-only filing under the recent Economic Crime and Corporate Transparency Act.

FRS 101 – 2023/24 annual review cycle
On the 9th August 2024, the FRC issued minor amendments to FRS 101 Reduced Disclosure Framework following the 2023/24 annual review cycle.
To match, we have updated the software and now include the appropriate exception of paragraphs 53(a), (h) and (J) of IFRS16.

IRIS Personal Tax

Class 1 and Class 4 NIC reduction
We have incorporated the lates changes announced in the March 2024 budget. IRIS Personal tax will now reflect the latest rates and limits in respect of Class 1 and Class 4 NICs for Tax Year 2025.

Updates to HMRC Specials
The latest HMRC Specials: 53, 54, 55, 56, 57, 59 have been added to personal Tax for Tax Year 2024. The software will automatically advise where a client has hit the corresponding special, along with any actions required to be taken.

Updates to the latest HMRC Exclusions
Updates have been made to include Exclusions: 140, 46 and 138 in Personal Tax for Tax Year 2024. Again, with the software automatically advising if a client has hit an exclusion.

IRIS Business Tax

New Audio-Visual and Video Games Expenditure Credits (AVEC)
IRIS Business Tax has been updated to accommodate for changes announced under the Audio-Visual reform, which introduces Expenditure Credits for the following categories:

• Films
• High-End Television
• Animation
• Children’s Television
• Video Games

Extended Freeport End Date
We have updated the Freeport allowances functionality in line with the latest measure to extend the window to claim the tax relief available in freeport and investment zones. The new sunset dates for the relief have been extended to 30/09/2031 from 30/09/2026.

Updates to latest version of the CT Taxonomy
CT Taxonomy has been updated to the latest version. New computational items have been added to cater for automatic tagging by the IRIS Software to allow for greater declaration to HMRC, this covers the following areas:

• Freeports and Investment Zones for Sole trades and Partnerships
• Audio Visual Expenditure Credits
• Full Expensing 100% and 50%
• Structures and Buildings allowance for Investment Zones (Ltd Co)

IRIS Trust Tax

Updates to the latest HMRC Specials
New Specials 7, 8, 9, 10 have been added to Trust Tax for Tax Year 2024. The software will automatically advise where a client has hit the corresponding special, along with any actions required to be taken.

Tax legislation updates

Dividend database
We have updated the personal tax product dividend database with the most recently declared dividends. Ensuring the most recent dividend income is accurately reflected against each clients’ shareholdings.

IRIS Productivity

Warning when assigning task, job or job stage to ex-staff member
We have enhanced the task, job and job stage assignment feature to now warn you if the assignee is marked as no longer employed.
This enhancement will help you in avoiding having missed tasks, jobs or job stages due to being assigned to the wrong user.

IRIS Core

Removal of the AML Search Option
Due to extremely low usage of the AML search feature in the IRIS Accountancy Suite, we will no longer be offering this feature as of the Autumn release. Please be assured, Searches Group will not be deleting any historic data they may have been stored.
If you wish to access your historic data, please contact them at info@amlsearch.co.uk.
We continue to offer an AML search solution in our next-generation cloud solution, IRIS Elements AML.