IRIS Keytime Spring 2025 release
We are delighted to announce the release of the 2025 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 Personal Tax
- Foreign Dividends threshold has been reduced from £1000 to £500.
- Married Couples allowance (MCA) minimum limit will be updated from £4280 in the 2024/25 tax year to £4360 in 2025/2026. The maximum limit for MCA will Increase from £11,080 in 2024/25 to £11,270 in 2025/26.
- Blind persons allowance will be increased from £3070 to £3130 in the 2025/26 tax year.
- Maintenance payments threshold has been increased from £4010 to £4280.
- It is now possible to highlight Payrolled benefits included in box 1 which affect your student loan repayments.
Basis Period reform changes for Self-employment full and Partnership full supplements (SA103F and SA104F)
As per the Basis period reform changes the transition profits occurred in the 2023/24 tax year and can be spread across 5 years. The software has been updated to add the following boxes to cater for this change:
- Transition profit brought forward
- Apportioned transition profit
- Accelerated transition profit
- Transition profits carried forward
Self-assessment Partnership short (SA104S)
It is now possible to highlight an adjustment where the partnership’s accounting period ended before 31st March 2025 or where ethe accounting period was not 12 months long.
Capital Gains (SA108)
The software has been updated to reflect the following changes:
- The main rates of Capital Gains Tax that apply to assets other than residential property and carried interest has been updated from 10% and 20% to 18% and 24% respectively, for disposals made on or after 30 October 2024.
- The lifetime limit for investors relief has been reduced from £10million to £1million for disposals made on or after 30th October 2024.
- Carried interest has been split from residential property.
- A new section has been added to provide details on capital gains for Crypto assets.
Partnerships
Keytime Personal Tax for partnerships has been updated to reflect the recent changes announced by the government:
- VAT threshold has been increased from £85,000 to £90,000. Our software has been updated to cater of this change in the description of Page 4 of the SA800 and page 1 and 2 of the SA800 TP.
IRIS Keytime Trust Tax
Self-Assessment Trust Tax (SA900)
It is now possible to detail when the tax return is being completed by a trustee of an unauthorised unit trust box 8.4.1 or a bare trust in box 8.4.2.
The number of other trusts can be highlighted in Box 9B.1.
Self-Assessment Trust tax-Trust and estate trade (SA901) and Trust and Estate Partnership (SA902)
As the transition part of the basis period has now been completed in 2023/24 tax year there will be no overlap relief for 2025. Therefore, the relevant boxes have been removed from the SA901 Trust and Estate Trade and SA902-Trust and Estate Partnership.
As per the Basis period reform changes the transition profits occurred in the 2023/24 tax year can be spread across 5 years.
Therefore, the following fields have been added in the software to cater for this:
- Transition profit brought forward
- Apportioned transition profit
- Accelerated transition profit
- Transition profits carried forward
The Apportioned transition profit is auto-calculated as 25% of the transition profit brought forward for 2024/25. For 2025/26 this would be calculated as 33.33% of the transition profit brought forward.
Self-Assessment Trust and estate capital gains (SA905)
It is now possible to specify Crypto asset gains included in box 5.9 on page TC2 in new box 5.9A. In addition, Crypto asset losses included in box 5.10 can also be specified in new box 5.10A. The number of crypto asset transactions can now be highlighted in Box C on Page TC4.
IRIS Keytime CT Platform – CT600
Non-resident company type
A new company type 11 for a Non-resident company has been introduced who will pay tax at the main rate and not entitled to marginal relief.
In addition, a new tick box has been added on Page8-Box 653 to highlight whether the claim is made by a R&D Intensive SME. Furthermore, Page 8-Box 658 has been added to confirm that a Creatives additional information form has been submitted.
On Page 12 of the main CT600 Box 943 has been introduced to state if there is R&D payable credit and one of the conditions listed in the CT600 Guide is applicable.
Corporation Tax- Tonnage Tax CT600F
On the CT600F a new tick box has been added under the column ‘Not applicable’ for the following: The company or group was covered by a training certificate. This must be completed if the company does not operate (in contrast to manage) any qualifying ships.
A new option has been added for Interest in ship or if managed only which is M-managed only (crew, vessel or safety management). Additionally, the total in Box F70 now includes the value of the new option M.
CT600P Creative Industries
A new supplementary page has been added for the CT600P-Creative Industries to provide more details on where a company is part of creative and audio-visual industries on the expenditure and audio and visual expenditure credits to calculate the corporation tax charge.
Important
Due to a late change from HMRC you will not be able to complete CT600P until April 2026. For more infromation, click here.
Currently a submission for Creative Tax credits cannot be made. An update will be made in the next release to allow for creative tax credit submission for April 2025.
All Tax
Tax legislation and annual updates:
- Updates to SA100, SA800, SA900, CT600, SA700 and R185 forms.
- All the updated reports, calculations, and rates for the 2024/25 tax year.
- Updates to Capital Allowance.
