PracticePeople In PracticeIRIS to enable e-filing discounts

IRIS to enable e-filing discounts

Transaction Technology is set to become the first company to develop an e-business product that will allow taxpayers to benefit from the Inland Revenue's £10 e-filing discount.

The company announced the software at the National Accountancy Exhibition and it is understood a roll out is likely in July – if the Revenue approves the product – although rival provider David Forbes is understood to be at a similar stage with its software version.

Practitioners across the country have been fuming since the Revenue announced accountants’ clients would not be eligible for the discount – only applications from the individual taxpayer.

The discounts were offered by the Revenue in an attempt to attract individual taxpayers to embrace Internet technology.

Self-assessment taxpayers who file their return over the internet and who pay any tax due electronically are in line to receive the discount.

However, the Berkshire-based accountancy software provider is hoping it has found a method to expand this decision to include accountants’ clients – using its IRIS software.

It has developed a mini tax program that will generate an ‘eXtensible Mark-up Language’ return, which enables accountants to send completed tax returns by secure to the client.

The client is then expected to add their user identification and password before uploading the return to the Revenue.

The software is likely to cost under £1,000 and is the first stage of a two-part programme to launch a complete tax package, IRIS e-tax which is set for release at the end of the year.

He added: ‘One of the benefits of this new filing program is that accountants will also receive the 48-hour acknowledgement of receipt issued by the Revenue to the client.

‘Because the IRIS program has been designed to automatically forward the e-mail received by the client to the accountant, the agent sill retains control of the process,’ she added.

  • Transaction Technology was awarded a prize for having the best large stand among the exhibitors, who numbered more than 100. Butterworths Tolley won the best small stand category.

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