IRIS reveals Accountancy Suite Spring 2021 releaseby
IRIS has unveiled new features in its spring suite release alongside the usual legislative updates that come with a new tax year.
IRIS unveiled its Accountancy Suite Spring 2021 release this week, showcasing various updates to streamline business tax processes. Simplifying tax reports for Covid support loans and grants and making client billing quicker and easier are also part of the update.
The new suite incorporates more ingredients from the IRIS Elements software integration project, along with legislative updates for the new tax year. Additional report templates to accompany claims for Coronavirus Job Retention Scheme (CJRS) grants and the Self-Employment Income Support Scheme (SEISS) are also included, alongside various time-saving features.
“Our new updates have been designed with accountants, for accountants. In-built automation and streamlining create productivity, efficiency and speed gains for every type of accountant,” commented IRIS head of portfolio Jonathan Priestley.
“All IRIS updates are built and delivered to address changing legislative requirements, market and customers’ needs,” added IRIS product director for accountancy Paul Onions.
“We collaborate with hundreds of accountants to design and deliver all of our solutions and services to ensure they enhance the way accountancy practices run and provide the tools accountants need to face the future, today.”
The individual software modules include the following enhancements:
IRIS Business Tax
A new supplementary CT600(L) page has been added to the IRIS Business Tax to support Research and Development (R&D) tax credit claims. Simplified processes will help reduce the amount of incorrectly submitted claims, the company said.
R&D claims now require over 40 fields to be completed on the CT600(L) form. The new fields in the form CT600(L) have been mapped within IRIS Business Tax to streamline the process of completing the form.
The capital allowance module, meanwhile, now allows customers to identify an asset as a ‘Zero emission Car’. IRIS automatically selects the corresponding allowance where the asset is added as a motor vehicle with zero co2 emissions. This will be reflected on the computation and mapped to the new fields on the CT600.
CJRS and SEISS claim reports
The spring update includes an expanded report menu with templates to output tax information to support both Coronavirus Job Retention Scheme (CJRS) and Self-Employment Income Support Scheme (SEISS) claims. IRIS tax products now cater for all the different types of support schemes required to be reported on the self-assessment tax return. It also now has the functionality to report incorrectly claimed grants. Incorrectly claimed support schemes can be logged and completed manually. Where possible, IRIS will transfer the data through to the corresponding products to reduce the need for re-entering data and creating multiple records of the same data.
Time and Fees
Users can now apply timesheet postings to their IRIS time ledger in the Time and Fees module, while the user is still in their timesheet. Accountants can now also bill time postings made the same day, to invoice clients promptly and accurately for the work done when performing day-to-day billing activities.
The warning message, ‘Apply Current Instructions to the Ledger’ will now only appear for users who have the necessary permissions to update the time ledger. Users can now schedule a Time and Fees repair to take place, but will require assistance from the IRIS Support team to set up.
Central processes for IRIS Time and Fees (such as updating the Time ledger, closing a Time or Fees period etc.) will now run one at a time. Improvements have been made to the warning messages within IRIS Time and Fees to give a clear indication of the cause of the issue and the necessary actions that need to take place to resolve the issue.
With the new release of IRIS AML, the developer consolidated the Export Documents and Export ID Check XML under the Export Data to CSV option. This will allow users to export all required data from one screen.
IRIS Accounts Production
Revised Financial Statements (amended accounts)
Incorporated Charity, Unincorporated Charity and Academy Accounts – ISA Audit report update – conclusions relating to Going Concern
FRS 102/FRS 101 Reduced Disclosure Exemption update
FRS 105 Additional Flexible Disclosure
Pension Scheme Accounts – Implementation Statements
Company Secretarial/ Company Formations
Company / LLP - Same as Name Check update
Company Formations – Companies House Schema update
IRIS Personal Tax
New Feature: Introducing IRIS SmartTax (Beta)
Tax Legislation and annual updates
Updated Dividends databases
Updates to SA100, SA800, SA900, R40 and CT600 forms
Updates to e-checklists for 2020/21
All the updated reports, calculations and rates for the 2020/21 tax year
Updates to Capital Allowances
Full details of the Spring Suite updates are available on the IRIS website. All updates are included within the IRIS subscription fee.