IRIS Trust Tax is a specialized software solution designed to simplify the complex area of trust tax for accountancy practices. It enables any staff member to process trust client data through a simple, menu-driven data entry system, eliminating the need for pre-existing trust return knowledge. The software automates tax calculations, including foreign tax credit relief, capital gains tax, and tax pools, freeing up valuable time for higher fee-earning tasks. IRIS Trust Tax handles all trust types, including personal representatives, interest in possession, accumulation/discretionary trusts,...
Vendor
IRIS Capital
Company Website
IRIS Trust Tax is a comprehensive software solution designed to simplify the complex process of managing trust tax for accountancy practices. By providing a user-friendly interface and automating many aspects of trust tax calculations and filings, it allows practices to handle trust tax work more efficiently, regardless of staff expertise in this specialized area.
Key Features
Simplified Data Entry
- Menu-driven interface for easy data input
- No pre-existing trust return knowledge required
Automated Calculations
- Automatic tax calculations including foreign tax credit relief
- Capital gains tax and tax pool computations
Comprehensive Trust Handling
- Supports all trust types (personal representatives, interest in possession, etc.)
- Automatic computation of share pools and taper relief
Integration and Efficiency
- Integrates with IRIS Business Tax, Personal Tax, and Dividend Service
- Import/export facilities for remote work capabilities
Benefits
Time and Cost Savings
- Frees up staff time for higher fee-earning tasks
- Reduces the need for specialist staff for trust tax work
Improved Accuracy and Compliance
- 98% acceptance rate when filing tax returns to HMRC
- Tax return validation prior to submission
Enhanced Client Service
- Ability to quickly advise clients on tax due, payments, and potential penalties
- Efficient handling of low-value compliance work