IRIS Keytime Summer 2024 release v24.2
The Summer 2024 release of Keytime Accountants’ Suite v24.2.86 is now available.
This release provides you with legislative updates and solutions to issues reported since the last release.
Please note that before you can install this version, you must have installed version 24.1. To check the version, open any Keytime module, select the Help menu and select About.
If you have a version earlier than 24.1 you can download and install 24.1 from the link in this article.
Further instructions on how to install can be found in this article.
IRIS Keytime Personal Tax
Change to the VAT registration threshold for 2024/25
Keytime Personal Tax has been updated to cater for the VAT registration threshold which has increased from £85,000 to £90,000 from 06/04/2024.
Change to the dividend NIL rate band for 2024/25
Keytime Personal Tax has been updated to cater for the change to the dividend NIL rate for 2024/25 from £1000 to £500.
Class 2 NIC Updates for 2025
Keytime Personal Tax has been updated to reflect that update that Self-employed individuals with profits above £12,570 will no longer be required to pay Class 2 NICs.
Self-employed individuals with profits under £6,725 and others who pay Class 2 NICs voluntarily to get access to contributory benefits will continue to be able to do so. The weekly rate they pay will be frozen at £3.45 for 2024-25 (£4.10 for share fishermen).
The Small Profits Threshold has been frozen at £6,725
Class 4 and class 1 NIC reduction for 2024/25
Keytime Personal Tax has been updated to cater for the reduction in the main rate of primary Class 1 National Insurance contributions from 10% to 8% from 6 April 2024.
In addition, the main rate of Class 4 National Insurance contributions is reduced by 2 percentage points from 8% to 6% from 6 April 2024. This is in addition to the previously announced reduction in the main rate of Class 4 National Insurance contributions from 9% to 8%, and means that from 6 April 2024 the main rate will reduce from 9% to 6%
High income child benefit charges update
Keytime Personal Tax has been updated to incorporate the High-income child benefit charges update to the threshold which has increased from £50,000 to £60,000 for 2024/25 onwards
Tax legislation and annual updates:
- updated dividend database to reflect the latest dividend declaration
- updated the latest R40 for tax year 2024
- updates to the latest version of the CT600
- updated to the latest CT taxonomy
