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IRIS Spring 2025 Full Features v25.1.0

What’s New
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Overview

The IRIS Accountancy Suite Spring release version 25.1.0.734 includes all legislative updates to ensure your ongoing compliance, plus some key updates to FRS102 Periodic Review, iXBRL electronic filing for FRS105, updates for Basis periods for Sole Trades and Partnerships.
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 2025). The release also includes lots of other enhancements and, resolutions to issue in IRIS Practice Management.

IRIS Accounts Production

FRS102 Periodic Review 2024 amendments
Following the FRC Periodic Review of FRS102, we have made two overarching updates to the software as summarised below.

  • Cash Flow Statement – Supplier Finance Arrangements applicable for accounting period starting on or after 1st January 2025 with early adoption permissible.
  • Other amendments – applicable for accounting periods starting on or after 1st January 2026 again with early adoption permissible.

Data screens
We have introduced several revisions to data screens to allow the appropriate disclosure to now be made within the accounts, as follows:

  • Cash Flow statement – supplier finance arrangements – in the notes to Cash Flow statement there is a new data screen to record details of such arrangements.
  • Small Companies Regime (FRS102 s1a) – full disclosure exemptions section. We have removed the following as they are now where applicable, mandatory and the appropriate data screens will be available as and when required.
    • Taxation
    • Provision for liabilities
    • Dividends
    • First year
  • ‘Encouraged’ disclosures are now referenced as ‘may need’ for:
    • Other Comprehensive Income
    • Statement of Changes in Equity
  • Accounting Policies:
    • Leases now includes revised prescribed default wording.
    • Turnover – now includes Data Screen for segmental reporting and disclosure of Revenue from Contracts with customers, Disaggregation of Revenue, Contract Balances, Significant changes in contract assets and contract liabilities, Revenue recognized in relation to contact liabilities, Unsatisfied contracts and finally Assets recognised from costs to fulfil a contract.
  • Operating Profit Note shows leases and lease income in the breakdown.

Report Outputs
We have updated statutory report outputs to accommodate new disclosure (including management reports and lead schedules). Specifically on the face of the Balance Sheet we have included the capability of disclosing the following:

  • Fixed Assets – Owned and Right-of-use assets
  • Current Assets – Contract assets
  • Current Liabilities within one year and above one year – Contract liabilities

All the above are supported by corresponding notes showing the breakdowns. This includes a separate leasing note.

Appropriate iXBRL tagging of the accounts will follow in a future release when the FRC 2025 taxonomy is accepted for use by both Companies House and HMRC.

Accountants’ Report – update for Institute of Chartered Accountants Scotland (ICAS)
We have updated the report with the appropriate links.

The Companies (Accounts & Reports) (Amendment & Transitional Provision) Regulations 2024
This reduces disclosure in the Report of Directors effective from 6th April 2025, and we have removed the following areas:

  • Research and Development
  • Future developments
  • Financial instruments
  • Engagement with employees*
  • Engagement with suppliers, customers and others*

*Both items will be available in the strategic report.

Emirati Dirham (AED) Currency
Following several customer requests, we have modified the software to allow for the selection of Emirati Dirham (AED) from the currency value within the posting entry screen.
This new currency works in tandem with our (IAS) International Accounting Standards option. In tandem with this, in the Country of Legislation Data Screen we have introduced a new option call ‘Other’ with a further option to remove all Companies Act references.

iXBRL Electronic Filing
We have introduced electronic filing of FRS105 Audited Accounts to Companies House. This update showcases our commitment in allowing the filing of applicable accounts to Companies House electronically.
This is in anticipation of the mandate for software-only filing under the Economic Crime and Corporate Transparency Act.

IRIS Company Secretarial 

Employment Related Securities (ERS)
We have introduced the latest Employment related securities form from HMRC for tax year 2024/25.

IRIS Personal Tax – Individuals

Removal of Non-UK Gift Aid and Gifts to charity and Deeds of Covenant (REL11 and REL12)
It is no longer possible to claim relief for payments to charities which are not based in the UK. SA100 form has been updated for 2025 to remove REL11 and REL12 on the relevant page.

Payroll benefits included above affecting student loan repayments
Payrolled benefits are now being included in the calculation of student loan deductions, which will affect Student loan repayments.

Reintroduction of Box 9 on SA104
Box 9 on the SA104S pages has been reintroduced for 2025 and the mapping has been restored to ‘Adjustment to arrive at profit or loss’ UI field. On creating a client and adding them as a partner to a partnership and entering a value in the ‘Adjustment to arrive at profit or loss’ field, box 9 will display the mapped value.

Foreign Dividends Update
For Box INC6 current Foreign Dividends is £1000 , Updated for 2025 onward is £500 (£1001 or over prints on the SA106 pages).

Basis Periods – Individuals – Sole Trades and Partnerships
Transition profits made by a Sole Trade or a partnership can be spread over 5 years for the Tax Year 2023/2024 tax Year
The following changes have been made to cater for the updates:

  • Overlap Profit Boxes have been removed
  • Transition profits brought forward will show transition profits carried forward from previous Year
  • The apportioned transition profit will automatically allocate 20% of the transition profits.
  • The accelerated transition profit will be a manually entered value, allowing the user to input an amount up to the total of the carried-forward transition profits.
  • Transition profit carried forward will equal to transition profit bought forward – (Apportioned transition profit + Accelerated Transition profit. This will carry forward to 25/26)
  • The transition profit carried forward will be calculated as the transition profit brought forward, minus the sum of the apportioned transition profit and the accelerated transition profit. This value will be carried forward through to the 2025/2026 period.

IRIS Personal Tax and Trust Tax – Capital Gains updates

Other property, assets and gains – SA108 Mapping update
IRIS has been enhanced to reflect the HMRC amendments to the ‘Other Property, Assets, and Gains’ section of the SA108 Supplementary pages, incorporating additional fields for reporting gains on which Business Asset Disposal Relief has been asserted.

  • Residential and non-UK residential property including carried interest – for the amount of gain populate boxes 14 to 17, 17.2 and 20 to 22.
  • Non-residential property type under Land & property claiming BADR populates box 17.2.
  • Unlisted securities for the amount of gain that does not exceed the BADR lifetime limit 17 to 21 including 17.3.
  • Listed securities for the amount of gain that does not exceed the BADR lifetime limit 17 to 21 including 17.3.
  • Other type – maps BADR gains on which BADR eligible to Box17.4.
  • Crypto Assets for the amount of gain populate boxes 14 to 17, 17.4 and 20 to 22.
  • Box 20 – Is populated with Relief type 3-digit identifier of BAD or MUL if more than one claim being made.
  • Boxes 21 and 22 – For all assets above the Real Time Transaction Tax Return Gain and Tax already charged.

Other Capital Gains – Carried Interest
Carried interest has been separated from residential property from Tax Year 2024/2025 applying distinct tax treatments to each. Data entry has been updated under ‘Other capital gains‘ option within Capital assets with adding a new check box ‘Arising basis?’ under the existing Carried interest checkbox to Individuals only:

  • The box will be disabled until the Carried interest check box is ticked and The date of disposal = > 01/04/2024

Crypto Assets
IRIS has been enhanced to support the new ‘Crypto assets type C’ category by incorporating the necessary fields into the SA905 Trust and Estate Capital Gains pages. A new radio button has been added to the Other Gains section to cater for the new disposal Type.

Capital gains Budget changes 2025
The following changes have been made to Capital Gains section in IRIS Personal Tax and Trust Tax in alignment with the updates outlined in the latest Budget Amendments.

  • Capital Gains Tax Rate changes:
    • Gains on disposals up to and including 29/10/202
      • lower rate = 10%
      • upper rate = 20
    • Gains on disposals on and after 30/10/2024
      • lower rate = 18%
      • upper rate = 24%
  • Investor Relief Lifetime Limit has been reduced from £10,000,000 to £1,000,000 for all disposals from 30th October 2024.

IRIS Business Tax

New Non-Resident Company Type
A new company type, ‘(11) Non-resident company,’ has been incorporated into IRIS. This classification pertains to non-resident companies that are subject solely to the main rate of tax and are ineligible for marginal relief.

Overpayments and repayment claims
A new box 943 has been added to CT600 in respect of a declaration concerning the repayment of payable R&D tax credits to another person other than the company.

Tonnage Tax CT600F
The CT600F Supplementary pages have been updated to include a new Box to highlight of the company or group was covered by a training certificate and type of interest in Ship if Managed. A new checkbox F15C has been added to the Tonnage Tax information Tab and a new Interest in Ship type ‘M’ has been added to the computation Tab to cater for the same.

CT600P Creative Industries
A new supplementary page has been added for the CT600P-Creative Industries to provide more details on where a company is part of creative and audio-visual industries on the expenditure and audio and visual expenditure credits to calculate the corporation tax charge.

The CT600P will need to be completed if your company is claiming any of the following:

  • Audio-Visual Expenditure Credit (AVEC), including enhanced relief for independent films and additional credit for visual effects costs
  • Film Tax Relief
  • High-End Television Tax Relief
  • Children’s Television Tax Relief
  • Animation Tax Relief
  • Video Games Expenditure Credit (VGEC)
  • Video Games Tax Relief
  • Theatre Tax Relief
  • Orchestra Tax Relief
  • Museums & Galleries Exhibition Tax Relief

Important
Due to a late change from HMRC you will not be able to complete CT600P until April 2026. For more information, click here.
Currently a submission for Creative Tax credits cannot be made. An update will be made in the next release to allow for creative tax credit submission for April 2025.

IRIS P11D

IRIS P11D car Database has been updated to reflect the new manufacturers and their associated cars.

All Tax

Tax legislation and annual updates:

  • Tax Legislation and annual Updates:
  • Updates to SA100, SA700, SA800, SA900 and CT600 forms
  • All the updated reports, calculations and rates for the 2024/25 tax year
  • Updates to P11D, P46(Car) and P11D(b) forms
  • Update to use HMRC latest schemas
  • Updates to 64-8 Form.

IRIS Core

Connecting IRIS Accountancy Suite to Outlook using Microsoft Graph API
With the news that Microsoft are looking to phase out support for Classic Outlook by April 2026, we’ve enhanced the email options to now support Microsoft Graph API.
This will allow users to connect to newer versions of Microsoft Outlook for sending emails from IRIS Accountancy Suite.

© IRIS Capital Ltd 2025