IRIS Autumn 2024 Full Features 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.
The change includes applying the FRC taxonomy appropriately so that Companies House will recognise the accounts as revised. The Data Screens have also been updated for audited accounts, allowing for the inclusion of appropriate revisions for example in opinion, whilst retaining the original content, if required.

The change includes applying the 2023 FRC taxonomy appropriately so that Companies House will recognise the accounts as revised. The Data screens have also been updated for audited accounts, allowing for the inclusion of appropriate revisions for example in opinion, whilst retaining the original content, if required. If an earlier version of the FRC Taxonomy has been used 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. To copy the trial balance this can be achieved using the steps below. If you have added any iXBRL tags in the Data Screens for the original set these will need to be remapped across to the revised copy. This will bring the accounts up to date with the latest FRC 2023 Taxonomy version.

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. This can be found under the Data Screens, Standard Accounting Policies, Basis of preparation, FRS101 – Reduced disclosure exemptions.

IRIS Personal Tax

Class 1 and Class 4 NIC reduction
To incorporate the March 2024 budget changes, the following updates have been made to the rates and limits in respect of Class 1 and Class 4 NICs for Tax Year 2024/2025:

the main rate of primary Class 1 National Insurance contributions is reduced by 2 percentage points from 10% to 8% from 6 April 2024.
the main rate of Class 4 National Insurance contributions is reduced by 2 percentage points from 8% to 6% from 6 April 2024. This is in addition to the previously announced reduction in the main rate of Class 4 National Insurance contributions from 9% to 8%, and means that from 6 April 2024 the main rate will reduce from 9% to 6%.

Updates to Specials
New Specials 53, 54, 55, 56, 57, 59 have been added to personal Tax for Tax Year 2024.

Updates to Exclusions
Updates have been made to:

Exclusion 140 in Personal Tax for Tax Year 2024
Exclusions 46 and 138 in Personal Tax for Tax Year 2024

IRIS Business Tax

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

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

These expenditure credits can be claimed for expenses incurred from January 1, 2024. New productions must use the expenditure credit system starting April 1, 2025, and it will be mandatory for all productions from April 1, 2027.
A new data entry option has been added and can be accessed through the Enhanced Expenditure section in the data entry menu.

Extended Freeport End Date
Updates have been made to the date for assets acquired in respect of Freeports from 30/09/2026 until 30/09/2031 affecting business Tax with Business Types LTDs, Sole Trades , Partnerships and LLPs.
Data entry for LTDs has been updated with:

Freeport and Investment Zones Structures and Buildings Allowance including validations
ECA for plant and machinery (Capital allowances | A – Maintain assets)

Data entry Partnerships & LLPs:

Freeport and Investment Zones Structures and Buildings Allowance including validations

Updates to CT Taxonomy
CT Taxonomy has been updated to the latest Version CT2024- v1.0.0. New Tags have been added to cater to the changes made to the following:

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

IRIS Trust Tax

Updates to Specials
New Specials 7, 8, 9, 10 have been added to Trust Tax for Tax Year 2024.

All Tax

Tax legislation updates:
Dividends Database has been updated with the latest Dividends

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.