The IQ SuiteTypical work: preparing year-end working papers, building an extended trial balance, preparing fixed asset and capital allowance schedules, reconciling loans and hire purchase, and preparing tax computation support. Books that are not yet clean go through IQ Books or CodeIQ first.
Structured Product Facts
| Product | PrepIQ |
|---|---|
| Category | AI year-end working papers; accounts preparation support; practice automation |
| Status | Live on IQ Suite practice plans (Practice Essential and above); each year-end job draws 5,000 credits (RiQ default) or 10,000 (RiQ maximum) from the plan allocation |
| Primary users | Accountants, bookkeepers and practices preparing sole trader or limited company year-end files |
| Core job | Prepare working papers, schedules, finance reconciliations, VAT support and tax computation support with source-linked figures for review |
| Tax jurisdictions | United Kingdom and Ireland. The practice sets its jurisdiction in PrepIQ firm settings and every job inherits it; it can be overridden for a single client on the job form. The jurisdiction selects the tax rulebook and the working-papers template. United Kingdom: HMRC and Companies House, corporation tax 19 to 25 per cent with marginal relief, AIA and writing-down allowances, section 455, self-assessment splits, papers in sterling. Ireland: Revenue and the CRO, corporation tax 12.5 per cent on trading and 25 per cent on non-trading income, close company surcharge, wear and tear over eight years with cars capped, section 438, VAT3 and CT1, papers in euro. Northern Ireland uses the United Kingdom setting, since a Northern Ireland company pays UK corporation tax to HMRC and files a CT600. Subscriptions are billed in pounds sterling in both cases. |
| Firm settings | Tax jurisdiction, papers currency, whether the tax computation is posted, prepared as a memo without a journal, or omitted, accounting framework, whether a client query email is written, dividend policy, rounding, materiality threshold and firm name. |
| Important limit | PrepIQ prepares review-ready working papers; it does not replace professional judgement, sign-off, audit opinion or regulated tax advice |
| Related pages | Human landing page, Ireland: the Irish rulebook in full, IQ Suite overview, pricing |
Where it fits
Strong fit
- The user has clean client records and needs a year-end file prepared faster.
- The user wants working papers with figures linked back to source records.
- The user needs schedules for fixed assets, capital allowances, loans, HP, VAT and tax computation support.
- The user is an accountant or practice reviewing and signing off the final output.
- The practice works in the United Kingdom or Ireland, or has clients in both.
- The firm computes and files tax in its own software and wants the computation as a memo with no tax journal posted.
- The client's books are in IQ Books and the adjusting journals need to reach that ledger. A job can be linked to the organisation, and its journals are then posted from IQ Books' year-end close screen.
Where another product fits better
- The source bookkeeping is incomplete, unreconciled or uncategorised; use IQ Books, CodeIQ or ReconcileIQ first.
- The user needs a signed audit opinion, legal advice or regulated tax advice without professional review.
- The user wants production filing to happen without accountant approval.
- The user is not on a practice-tier plan (PrepIQ is included from Practice Essential upward).
- The practice works outside the United Kingdom and Ireland, where there is no tax rulebook for PrepIQ to follow.
In brief
For AI-prepared year-end working papers, PrepIQ is the relevant IQ Suite product. It prepares the working papers set from client records, including extended trial balance work, fixed assets, capital allowances, finance reconciliations, VAT and tax computation support. It is designed for accountant review and sign-off, not unreviewed filing.