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Changing colours, conkers, and Catherine wheels: Autumn is here and so is the latest IRIS release

17th Oct 2019
Brought to you by
iris
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The long summer hours of daylight are dwindling as a new season takes root, leaves are turning red and brown, and spiky conker shells lay scattered all around.

Beyond this, Autumn also signals something else significant – the latest IRIS release – which is packed with a multitude of enhancements, new features and updates.

It’s the latest chapter in our quest to improve the efficiency of accountancy practices and simplify day-to-day operations.

What’s new?

The most significant improvements are:

Community Interest Companies: It is now possible to generate accounts for Community Interest Companies. These will include the CIC34 form to submit alongside the financial statements. Accounts will follow the same format as those prepared for standard Limited companies with the option of including the additional CIC34 form in either the simplified or detailed layout as required.

New R&D hub: This has been added in IRIS Business Tax for Ltd companies with periods ending after 1st April 2019. Simplified data entry and increased automation has streamlined the completion of R&D claims for your clients.

Capital Loss Restriction: For accounting periods ending on or after 1st April 2020, Ltd companies will only be able to offset 50% of their carried forward capital losses against their gains. The losses data entry has been updated to cater for this and will automatically calculate the maximum amount of losses that can be claimed in an accounting period.

Client data enhancement: within IRIS Practice Management we’ve built new fields to specify the date you started acting for clients and the date of termination. This enables you to easily confirm active clients and see which ex-clients can be deleted to comply with your data security rules.

Bulk import of expenses: a new feature in IRIS Time & Fees. If you have posted expenses to any third-party software (such as an accounting package), you can now import those postings in bulk direct from a csv file.

What compliance updates are included?

IRIS Accountancy Suite has also been updated for all the latest legislative changes including:

  • Pensions SORP update
  • FRC taxonomy update 2019
  • IFRS 16 – Leases
  • ICAEW Audit Report update - Basis for Opinion - FRC ethical standards note reference
  • Updated dividends databases
  • Latest HMRC Specials & Exclusions

 

For further information about our Autumn updates, visit: https://www.iris.co.uk/support/iris-accountancy-suite-support/iris-autumn-2019-release-v19-3/.

Also, join the IRIS Product Management team on Friday 25 October at 11am to learn about all the great new features and workflow improvements in the latest release. Click HERE to join.