OpenSpace, a cloud-based solution, is available to all UK accountants and allows practices to securely share documentation anywhere there is cloud technology.
It’s most notable advantage for those in the industry could be the speed at which items such as draft tax returns or financial statements can be shared with clients instantly.
Unlike email and consumer cloud platforms, such as Dropbox, OpenSpace is specifically designed for accountants.
Phill Robinson, chief executive of IRIS, believes OpenSpace takes the best of consumer cloud applications and “industrialises them for the accountancy sector.
"Security, integration with our own products and ease-of-use have been our priorities while building the service and we believe that it meets a previously unfulfilled need,” he said.
HMRC is planning to launch its Real Time Information initiative nationally from April next year, under which employers will need to tell HMRC about tax payments, national insurance contributions and other deductions when or before they are made, rather than at the end of the tax year.