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Chancellor’s focus on Composite and Managed Service Companies helps new IRIS Company Formations Software to achieve record sales

25th Feb 2007
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Sales of IRIS Company Formations software are exceeding all expectations as accountants rush to dissolve Composite and Managed Service Companies and set up new limited companies in their place, before the new tax year begins.

In the Chancellor’s pre-budget announcement on the 6th December 2006 he unveiled new proposals to remove the tax advantage that Composite and Managed Service Companies can offer their clients, forcing many accountants to re-evaluate their worth and recommend the limited company route for freelancers and independent workers.

Some practices face a race against time with as many as 800 limited companies to set up before the April deadline.

The IRIS Company Formations program was only introduced in the autumn of 2006 (www.iris.co.uk/products/accounts_production_software_f/company_formation...)
but is already outselling all other programs in the IRIS practice suite. It enables the user to electronically form companies limited by shares directly with Companies House.

Robert Salvoni, Managing Director of IRIS Practice Software attributes its success to this current spotlight on Managed Service and Composite Companies.

He said: “Because IRIS Company Formations is fully integrated, it represents a more time efficient option for accountants who need to incorporate many companies before the beginning of the new tax year. In a large number of these cases, the client’s details will already be stored on the IRIS central database, eliminating the need to re-enter data.”

The Chancellor’s spotlight on managed service and composite companies has increased demand for the services of personal umbrella company specialist, Churchill Knight and Associates. The London firm is currently signing up on average 60 a month and expecting a significant increase due to the pre budget report”

The firm uses IRIS Company Formations Software extensively to automate the incorporation process. Luke Desmond, position, said: “Prior to the installation of the IRIS product, we used the services of a Company Formations agent but now we can form new companies for our clients ourselves. There are significant time savings and cost savings are substantial amounting to between £10 and £15 per company.”

IRIS Company Formations:

•Checks company name availability
•Incorporates a company using traditional Companies House forms
•Transmits information electronically directly to Companies House with the option of using same day incorporations service
•Provides default wording for Memorandum and Articles of Association
•Enables the tailoring of Memorandum and Articles on a client by client basis or practice wide
•Automatically detects e-mail responses from Companies House to track status of impending incorporations
•Tracks the status of incorporations in one simple report
•Mass produces identical clients for incorporation
•Prints share certificates and share transfer form

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