IRIS Keytime Accountants' Suite Autumn update 20.3.135
The Autumn 2020 release Service Pack of Keytime Accountants’ Suite v20.3.135 is now available.
This service pack provides you with solutions to a number of issues reported since the last release. See further details below.
Please note that before you can install this version, you must have installed version 20.1 or later.
To check the version, open any Keytime module, select the Help menu and select About.
If you have a version earlier than 20.1 you can download and install 20.1 from the link in this article. Further instructions on how to install can be found in this article.
Accounts Production
Where account code 2030 was used, the value that was imported to the Income/[deficit] not assessed under Trading Income field on the Trading and Professional Profits form was being inflated where a long accounting period existed (greater than 12 months).
Personal Tax
An online filing validation error 6492 was being triggered where there is more than one foreign property and at least one is showing a loss.
General
In line with HMRC changes, we have introduced the ability to cater for hardened Government Gateway passwords. Should you need to update or change your Government Gateway password then from now on it will need to conform to a particular length and structure. Our products have been updated accordingly however please be aware that there is currently an issue with a small number of non-alpha numeric characters which will need to be avoided when compiling a new password (these are £, >, ‘, and “) This issue will be resolved in the next release.
Note: HMRC have recently issued an updated 2019/20 online filing Exclusion list for individuals. The document includes two new exclusions – ID122 and ID123. Due to the timing of its publication, it has not been possible to cater for these new exclusions in this release. Details of the exclusions are set out below. If you think any of your clients may be affected by either of these then you should submit a paper return along with a reasonable excuse quoting the relevant exclusion ID.
ID122 – Taxable redundancy lump sum payments above the exemption and dividend income above the dividend allowance
Where an individual has received a taxable redundancy lump sum above the £30k exemption, and who also has taxable dividends above the dividend allowance, they will not have their allowances allocated in the most beneficial way.
As the lump sum must be taxed as the top slice of their income, they would benefit from allowances being allocated against it, thereby reducing their tax due at the highest rate but the HMRC calculation does not deal with this correctly.
ID123 – Non-UK residents with Gift Aid donations and who are in receipt of UK Dividends
An individual will receive a tax charge, under s424 ITA 2007, when the total amount of tax treated as deducted from their Gift Aid donations is greater than the amount of income tax they are charged for that year.
The income tax charge largely follows s23 ITA 2007 and then in the case of a non-UK resident individual in receipt of UK dividends, deducts tax treated as paid under s399(2) ITTOIA 2005. Currently for non-UK residents the HMRC calculation is not using the s23 calculation as the starting point for this but rather the non-resident s811 calculation, and it then goes on to omit the application of s424(5) which is the deduction of tax treated as paid under s399(2) ITTOIA 2005.
