Full Feature List April 2019

PTP Suite April 2019 Release

Release Overview

The PTP Suite Spring release 19.1.0 continues to deliver further key initiatives to help you thrive in a digital economy. April 2019 is the go-live date for HMRCs MTD for VAT, meaning all businesses with a turnover above the VAT threshold must now maintain digital records and use HMRCs new API to submit their VAT returns.

VAT Filer

New module for Making Tax Digital for VAT

Since the HMRC online tool for submitting VAT returns is not MTD compatible and cannot be used for businesses with a turnover above the VAT threshold, we have released a new module that will allow you to continue making these submissions on behalf of your clients and remain compliant.

This new product is what HMRC are referring to as “bridging software”. It is not a replacement to bookkeeping software but a solution that allows for the import of VAT values from either a CSV file or Windows clipboard and transfers them on to HMRC via their new MTD APIs. Allowing for the continued use of spreadsheets where necessary.

VAT Filer will automatically connect and retrieve any previous MTD submissions and current obligations for the selected client direct from HMRC. The product also retrieves any liability and payment data directly from HMRC and displays this information on screen, so that it’s easy for you to track what is due and what is still outstanding for your client.

Accounts Production

Legislation

PTP Accounts Production has been updated for all the latest legislative changes including:

Charities SORP (FRS 102) Update Bulletin 2 applicable for account periods beginning on or after 1st January 2019 with early adoption allowed. This corresponds to the previously released changes for Limited companies following the updated FRS 102 and includes the reintroduced ‘Analysis of Net debt’ note in the cash flow statement.

Amendments to FRS 101 Reduced Disclosure Framework 2015/16 cycle applicable for account periods beginning on or after 1st January 2018 with early adoption allowed.

Including:

Contract assets and contract liabilities
Revenue from contracts with customers

LLP SORP 2018 applicable for account periods beginning on or after 1st January 2019 with early adoption allowed. This corresponds to the previously released changes for Limited companies following the updated FRS 102 and includes the reintroduced ‘Analysis of Net debt’ note in the cash flow statement.

Tax Platform

New Data Entry Screens

Our Spring release continues our programme to future proofing PTP products. In Spring 2018, we brought you new data entry screens for Self-Employment and Interest and Dividends, allowing for better navigation and fewer clicks, backed by a more secure and stable database.

This release builds on this project with new data entry screens for charitable giving and UK property. In addition, we have made improvements to existing screens for dividends and interest in response to your feedback.

Next year tax return

PTP Tax Platform now allows you to generate a tax return for the current tax year for all return types. Previously, for individuals, you could make use of the In-Year Calculator to generate the estimated tax liability for the current year based on the previous year’s calculation, but with updated rates and allowances, where know. This functionality has now been superseded by the ability to create the current year tax return. This also means that you can begin work on next year’s return in advance of the tax year ending; all data captured will be retained as you run year end.

All Tax

Updated Dividends databases
All the relevant reports, forms, calculations and rates for the 2018/19 tax year
Updates to cater for latest HMRC Specials & Exclusions
Updates to SA100, SA800, SA900, R40, R185 and CT600 forms
Updates to P11D, P46(Car) and P11D(b) forms
Update to use HMRC latest schemas
Updates to Capital Allowances

Share Register

Further enhancements to help assist with GDPR requirements, including:

Integration with IRIS OpenSpace, this replaces the Authority2File functionality offering a more secure way of sending documents to clients for approval.