IRIS Summer 2023 release v23.2
Overview
The IRIS Accountancy Suite Summer release version 23.2.0 includes all legislative updates to ensure your ongoing compliance including; the latest Academy Account formats, updates to the Assurance report and the newest rates for R&D and creative tax credits.
IRIS Accounts Production
Academies Accounts Direction 2022 to 2023
Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2022 to 2023 for accounting periods to 31 August 2023. This continues our commitment to bringing the latest compliance.
IRIS Kashflow APIs update
As part of our pledge in providing you with industry standard API technology, in this release we have update to the latest Application Program Interface (API) supplied by Kashflow.
IRIS Elements Cashbook – integration
Earlier this year we released IRIS Elements Cashbook, a bookkeeping tool specifically aimed at Sole trade businesses who aren’t VAT registered. Cashbook allows either your client or you to keep their records digitally. As part of this release Cashbook is now fully integrated with IRIS Account Production, meaning Trial Balance information can be imported and manipulated with two-way integration saving you time when preparing information for both your client and external agencies.
Assurance report update Tech09/13 AAF (revised)
Following a revision to ICAEW’s Tech09/13 AAF, Assurance Review Engagements on Historical Financial Statements, when selecting an Assurance report, we have made the following changes to Data Screens and corresponding standard layouts and wording for the equivalent report outputs.
The changes will be reflected on Limited Companies, Limited Liability Partnerships, Groups and all accounting standards that allow for an assurance report.
IRIS Personal Tax
Tax legislation and annual updates:
- Updated dividend database to reflect the latest dividend declaration.
- Updated the latest Form 50(fs) for tax year 2023
IRIS Business Tax
SME R&D – Intensive tax credits
The government announced that the tax credit rate for SME R&D claims would reduce from 14.5% to 10%, however in addition to this the government also announced a new SME tax credit for ‘R&D Intensive’ companies; companies whose qualifying expenditure is 40% or more will be allowed to claim an SME tax credit at an uplifted rate of 14.5%
We have updated the Business Tax R&D functionality to allow you to easily identify a company as an R&D intensive company and subsequently have the software automatically calculate the corresponding SME R&D claim at the uplifted 14.5%, without any additional manual calculations. This will then automatically map to the CT600 and supporting documents.
Creative tax credit higher rate extension
The government announced a temporary extension to the rate rises of Theatre tax relief, Orchestra tax relief and Museums & galleries exhibition tax relief for 2 additional years. The government originally intended for these increased tax rates to taper down from the 1st April 2023 however, this has now been extended to the 1st April 2025.
Current tax credit rates from 1st April 2023:
- Theatre (Non-Touring/Touring) – 45%/50%
- Orchestra – 50%
- Museum & Galleries (Non-Touring/Touring) – 45%/50%
We have updated IRIS Business Tax to automatically restrict the amount of tax credit that can be entered as a creative tax credit, while also considering periods that straddle multiple thresholds, ensuring that you are able to successfully file your creative tax credit first time without running the risk of needing to amend.
IRIS Core
Other gender added to client contacts
With the summer release of IRIS Accountancy Suite, we’ve added the ‘Other’ gender option to the client contacts, so that you can now respectfully display the gender of the contact.
