IRIS Summer 2024 release v24.2.0
Overview
The IRIS Accountancy Suite Summer release version 24.2.383 includes updates to the Academy Account formats, including the new conclusion section to the Governance statements and updates to the FRC 2023 taxonomy. Basic period reform updates to Personal and Trust tax as well as updates to accommodate changes resulting from the merger of SME tax relief and the Research and Development Expenditure Credit (RDEC).
IRIS Accounts Production
Academies Accounts Direction 2023 to 2024
Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2023 to 2024 for accounting periods to 31 August 2024. These include the introduction of a new conclusion section to the Governance statement. An update to the Staff costs and employee benefits note to allow for separate disclosure of “Other employee benefits” this can be disclosed by using a new chart code (498). Finally in update to the Pensions and other obligations note, we have adopted new standard wording around the Valuation of the Teachers’ Pension Scheme. This continues our commitment to bringing the latest compliance.
FRC 2023 Taxonomy
We have applied the latest Taxonomy issued by the FRC and HMRC for 2023. This will give qualifying accounts formats access to the most current iXBRL tagging to support electronic filing requirements for both Companies House and HMRC.
IRIS Personal Tax
Basis Period Reform – Personal Tax and Trust Tax
IRIS has been enhanced to accommodate Sole Traders and Partnerships that have extended their accounting periods to align with the end of the Tax Year.
High Income Child Benefit Charge
IRIS has been updated to cater for the High Income Child Benefit Charge (HICBC) increase from £50,000 to £60,000 effective for the tax year 2024/25.
Increased VAT Registration Threshold – Personal Tax and Business Tax
IRIS has been updated to cater to the Increased for both Personal Tax and Business Tax.
Class 2 NIC updates
IRIS has been updated to cater to the Class 2 National Insurance Contributions (NICs) Updates for 2025.
IRIS Business Tax
New Research & Development Merged Scheme
IRIS has been updated to accommodate changes resulting from the merger of SME tax relief and the Research and Development Expenditure Credit (RDEC), effective for accounting periods starting on or after April 1, 2024.
Updates to CT600 Forms
IRIS has been updated with the latest CT600 Forms.
IRIS Trust Tax
Schedules of Data
IRIS has been updated to cater for the reports for Basis Period reform for Sole Trades for SA901 and Partnerships for SA902 by updating the Schedules of Data.
The following changes have been made to reflect the same:
- Basis Period end date has been changed to 5th April 2024
- A new row ‘Transition profit treated as arising in tax year 2023/24’ has been added
- A new row ‘Loss brought forward from last year used against Transition Profits’ has been added
- Description has been amended with ‘Loss brought forward from last year used this year’ row to ‘Loss brought forward from last year used against year’s profits’
Tax legislation updates
Dividends Database has been updated to reflect the latest Dividend Declarations
