IRIS Keytime Spring 2024 release
We are delighted to announce the release of the 2024 versions of our software for accountants. You can get started using the links in this article.
Getting Started
Before installing the update, please download and read our Getting Started guide:
Download the Software here:
Registration
If you’re already registered, the software will automatically prompt you to download your new registration codes when the existing ones are about to expire.
Trial Licence Codes
A two week trial licence code is available for any unregistered module you wish to evaluate.
Ensure that you have taken a recent backup of your Keytime data prior to running the update.
Instructions on how to back up can be found here: Backing up your Keytime data.
Running the update
- Close all Keytime software.
- Download the update by clicking Run (or click Save if you wish to store the file in the network location to update other computers in your office).
- Run the update and follow the on-screen prompts. Click Finish when prompted to close the installer.
- If prompted, restart the PC.
- Run the update on every PC accessing Keytime software (access the update from the network location in step 3 above).
- To check the version number, open any Keytime module, select the Help menu and then select About.
IRIS Keytime Compac (Accounts plus)
The product has been updated for the 2023 taxonomy allowing you to continue on-line filing with both HMRC and Companies House.
IRIS Keytime Personal Tax and Trust Tax
Basis Period Reform-Personal Tax and Trust Tax
From 2024 onwards, the basis period reform means that self-employed individuals, partners in partnerships and trusts will pay income tax on any income they have received based on the tax year as opposed to the accounting period. These changes come into place for the 2024/25 tax year, with transitional rules applying in the 2023/24 tax year.
Our software has been updated to reflect the changes and additional boxes have been added have been added to cater for this in the below:
- SA104-Self Assessment-Partnership full 16.1-16.4
- SA901-Self Assessment Trust and Estate Trade 1.84A-1.84D
- SA902-Self Assessment Trust and Estate Partnership 2.14A-2.14D
IRIS Keytime Corporation Tax
In addition to the Energy (Oil and Gas) Profits levy first introduced in 2022, The Electricity Generator Levy (EGL) exceptional generation receipts attributable to the undertaking for the qualifying period has been added to the Energy levies section-Page 5-Box 987. Furthermore, a new box has been added for EGL Payable to enter the amount of Electricity Generator Levy due-Page 6-Box 502.
In the 2023 Autumn statement, it was announced that the Capital allowances Full expensing end date will be removed – which offers 100% first-year relief to companies on qualifying new main rate plant and machinery investments. As a result, the Corporation Tax software has been updated to introduce dedicated boxes to complete the amount of full expensing claim and balancing charges which have been included in the calculation of trading profits and non-trading profits. Boxes 688 689. 733 and 734 have been added to cater for these.
IRIS Keytime Personal Tax
Tax legislation updates
The foreign dividend threshold has been updated to £2000 for Box 6 of the SA100 tax return.
The threshold for Maintenance payments has been updated to £4010 for Box 7 on the SA101-Additional Information supplement.
HMRC have added the ability to highlight any Pre-Incorporation losses separately. A new box 6.1 has been added for the SA101-Additional Information supplementary page to cater for this.
IRIS Keytime Trust Tax
The annual exempt amount for Capital Gains 2023-24 has been updated to £3000 for the tax-free allowance and £6000 for the tax-free allowance if the beneficiary is vulnerable. The 2024-25 has been updated to £1500 and £3000 respectively.
IRIS Keytime P11D
P11D has been updated for the increase in the fuel benefit charge for vans available for private use from £688 to £757.
All Tax
Tax legislation and annual updates
- updated Dividends databases
- updates to SA100, SA800, SA900, CT600, SA700 and R185 forms
- all the updated reports, calculations, and rates for the 2023/24 tax year
- updates to Capital Allowance
