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IRIS ships new tax year software

6th Apr 2006
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IRIS has shipped version 8.6 of its tax software to 4,500 customers in time for the start of the new tax year. The update contains the 2006 tax returns and access to the 2007 tax year for IRIS Personal Tax, IRIS Business Tax and IRIS Trust Tax.

IRIS Personal Tax introduces a Cars Database which eliminates the need to look-up CO2 emission figures for calculations; a tool which not only saves time but also an efficient way to work out the car benefit charge based on the vehicle list price as entered by the user.

The IRIS Capital Assets Module has been incorporated into IRIS Business Tax to automatically calculate the capital gains for limited companies, complete the CT600 and produce capital gains schedules for the corporation tax computation. IRIS is unique in having a single, central capital assets module servicing all three of its tax packages.

Also included in the release is filing by internet (FBI) for the 2006 tax year. This means that IRIS users can relax over concerns about electronic filing raised by the Carter Review as the products include filing by internet free of charge.

Lord Carter was tasked by the government to advise on measures to increase the use of online services. The main benefit to tax payers and agents alike is to be a more efficient service achieved by adoption of the measures, the first of which to be implemented will be:

'returns should be filed by 30 September 2008 on paper or by 30 November if filing online;
'computer-generated paper 'substitute' returns used by agents will not be accepted from 2007/2008

HMRC recognises that a robust online filing service will be central to the success of these changes. In accordance with this, an HMRC statement outlines their plans to invest £340m in online service infrastructure over the coming years including strengthening the existing services to better meet the users' needs.

IRIS will be working closely with HMRC to help make the transition run as smoothly as possible. Improvements will include allowing users to attach PDF files to electronic returns when this functionality is introduced by HMRC later this year.

The IRIS approach is designed to automate compliance work allowing accountants more time to add value to their business.

For further information on IRIS tax products, contact IRIS direct on 01753 212444 or visit the IRIS web site: www.iris.co.uk

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