Home | Support | IRIS Spring 2025 release v25.1.0

IRIS Spring 2025 release v25.1.0

Full Features List
Download Now

Overview

The IRIS Accountancy Suite Spring release version 25.1.0.734 includes all legislative updates to ensure your ongoing compliance, plus some key updates to FRS102 Periodic Review, iXBRL electronic filing for FRS105, updates for Basis periods for Sole Trades and Partnerships.
Making Tax Digital functionality has finally arrived; we have updated the Personal Tax product to enable you and your practice in preparation for the MTD pilot (April 2025). The release also includes lots of other enhancements and, resolutions to issue in IRIS Practice Management.

IRIS Accounts Production

FRS102 Periodic Review 2024 amendments
Following the FRC Periodic Review of FRS102, we have made two overarching updates to the software as summarised below.

  • Cash Flow Statement – Supplier Finance Arrangements applicable for accounting period starting on or after 1st January 2025 with early adoption permissible.
  • Other amendments – applicable for accounting periods starting on or after 1st January 2026 again with early adoption permissible.

We have updated statutory report outputs to accommodate new disclosure (including management reports and lead schedules).

Appropriate iXBRL tagging of the accounts will follow in a future release when the FRC 2025 taxonomy is accepted for use by both Companies House and HMRC.

Accountants’ Report – update for Institute of Chartered Accountants Scotland (ICAS)
We have updated the report with the appropriate links.

The Companies (Accounts & Reports) (Amendment & Transitional Provision) Regulations 2024
This reduces disclosure in the Report of Directors effective from 6th April 2025, and we have removed the appropriate areas.

Emirati Dirham (AED) Currency
Following several customer requests, we have modified the software to allow for the selection of Emirati Dirham (AED) from the currency value within the posting entry screen.
This new currency works in tandem with our (IAS) International Accounting Standards option.  In tandem with this, in the Country of Legislation Data Screen we have introduced a new option call ‘Other’ with a further option to remove all Companies Act references.

iXBRL Electronic Filing
We have introduced electronic filing of FRS105 Audited Accounts to Companies House. This update showcases our commitment in allowing the filing of applicable accounts to Companies House electronically.
This is in anticipation of the mandate for software-only filing under the Economic Crime and Corporate Transparency Act.

IRIS Company Secretarial

Employment Related Securities (ERS)
We have introduced the latest Employment related securities form from HMRC for tax year 2024/25.

IRIS Personal Tax

Individuals

  • The ability to claim relief for payments to charities not based in the UK has been removed. The SA100 form for 2025 has been updated to exclude REL11 and REL12 on the relevant page.
  • Payrolled benefits are now being included in the calculation of student loan deductions.
  • Box 9 on the SA104S pages has been reintroduced for 2025 and the mapping has been restored to ‘Adjustment to arrive at profit or loss’ UI field.
  • Foreign Dividends threshold has been reduced to £500 from £1,000 as of 2024/25.

Basis Periods – Individuals – Sole Trades and Partnerships
Transition profits made by a Sole Trade or a partnership can be spread over 5 years for the Tax Year 2023/2024 tax Year.
The following changes have been made to cater for the updates:

  • Overlap Profit Boxes have been removed.
  • Transition profits brought forward will show transition profits carried forward from previous Year.
  • The apportioned transition profit will automatically allocate 20% of the transition profits.
  • The accelerated transition profit will be a manually entered value, allowing the user to input an amount up to the total of the carried-forward transition profits.
  • Transition profit carried forward will equal to transition profit bought forward – (Apportioned transition profit + Accelerated Transition profit. This will carry forward to 25/26).
  • The transition profit carried forward will be calculated as the transition profit brought forward, minus the sum of the apportioned transition profit and the accelerated transition profit. This value will be carried forward through to the 2025/2026 period.

ITSA Making Tax Digital
Making Tax Digital functionality has finally arrived, we have updated the Personal Tax product to enable you and your practice in preparation for the MTD pilot (April 2025).

MTD functionality will run alongside the standard SA functionality and will simultaneously complete the clients SA return as well as giving the ability to complete in-year obligations where a client has been identified as MTD compliant.

In this release of IRIS, we have delivered functionality which will enable you to complete the full end to end journey for individuals. The software will allow you to complete the in-year obligations associated with income sources which are required to be submitted quarterly, this will include sole trade, UK and foreign property Income.

Additionally, the software facilitates the completion of the individual’s end-of-year financial position by submitting the final declaration to HMRC.
All MTD related submission will be channeled through the IRIS Digital Tax Hub, where the software will guide you through the MTD workflow, highlighting any outstanding tasks to simplify a complex MTD workflow.

Register your interest today, if you would like more information on the MTD functionality or joining the pilot please contact us at MTD@IRIS.co.uk

IRIS Personal Tax and Trust Tax – Capital Gains updates

  • IRIS has been enhanced to reflect the HMRC amendments to the ‘Other Property, Assets, and Gains’ section of the SA108 Supplementary pages, incorporating additional fields for reporting gains on which Business Asset Disposal Relief has been asserted.
  • Carried interest has been separated from residential property from Tax Year 2024/2025 applying distinct tax treatments to each.
  • IRIS has been enhanced to support the new ‘Crypto assets type C’ category by incorporating the necessary fields into the SA905 Trust and Estate Capital Gains pages.

The following changes have been made to Capital Gains section in alignment with the updates outlined in the latest Budget Amendments:

Capital Gains Tax Rate changes
Gains on disposals up to and including 29/10/2024:
lower rate = 10%
upper rate = 20%

Gains on disposals on and after 30/10/2024:
lower rate =18%
upper rate = 24%

  • Investor Relief Lifetime Limit has been reduced from £10,000,000 to £1,000,000 for all disposals from 30th October 2024.

IRIS Business Tax

New Non-Resident Company Type
A new company type, ‘(11) Non-resident company’, has been incorporated into IRIS. This classification pertains to non-resident companies that are subject solely to the main rate of tax and are ineligible for marginal relief.

Overpayments and repayment claims
A new box 943 has been added to CT600 in respect of a declaration concerning the repayment of payable R&D tax credits to another person other than the company.

Tonnage Tax CT600F
The CT600F Supplementary pages have been updated to include a new Box to highlight if the company or group was covered by a training certificate and type of interest in Ship if Managed.
A new checkbox F15C has been added to the Tonnage Tax information Tab and a new Interest in Ship type ‘M’ has been added to the computation Tab to cater for the same.

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 information, 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.

IRIS P11D

IRIS P11D car Database has been updated to reflect the new manufacturers and their associated cars.

All Tax

Tax Legislation and annual updates:

  • Updates to SA100, SA700, SA800, SA900 and CT600 forms
  • All the updated reports, calculations and rates for the 2024/25 tax year
  • Updates to P11D, P46(Car) and P11D(b) forms
  • Update to use HMRC latest schemas
  • Updates to 64-8 Form.

IRIS Practice Management

Resolved issues:

  • The memorized fees postings report from IRIS Practice Management can now be run without crashing IRIS Practice Management.
  • Task Maintenance no longer will archive tasks that are not completed.
  • Option to Authorize draft bill no longer requires Practice Management to be open in the background.

IRIS Core

  • Added Iris.IfxLite.FilePurger.exe tool to v25.1 of IRIS Accountancy Suite. This tool allows users to manage their disk space usage by controlling the log files generated by IRIS Accountancy Suite.
  • Users can now connect to Outlook using Microsoft Graph API.
  • Warning message added in the event of deleting a client record that is synchronized with IRIS Elements, notifying the user that the client will not be deleted in IRIS Elements as well.

The following changes have been made to the Elements Sync Control Panel in IRIS System Maintenance:

  • Option added to generate a report showing all client records marked for synchronization with IRIS Elements.
  • Added the ability to re-synchronize clients deleted in IRIS Elements.

© IRIS Capital Ltd 2025