PTP Autumn 2019 v19.3 Full Features

Overview

Our PTP Suite Autumn release version 19.3 includes a new Accounts Production format for Community Interest Companies (CICs). Also included are solutions to issues reported in earlier releases of Tax Platform.

PTP Accounts Production

Annual Community Interest Company (CICs) Report and Accounts

It is now possible to generate accounts for Community Interest Companies. These will include the CIC34 form to submit alongside the financial statements. Accounts follow the same format as those prepared for standard limited companies with the option of including the additional CIC34 form either in simplified or detailed layout as required.

Importing GP accounting data from KashFlow

KashFlow recently introduced a new chart of accounts specifically aimed at doctors (GPs). To ensure Accounts Production stays fully integrated with KashFlow, it is now possible to import the trial balance of your doctor clients straight into Accounts Production and amend any mapping to allow for fast imports.

Automatic roll forward of Data Screen

When creating your next post file you will now benefit from the Data Screens automatically being rolled forward as part of the process, ensuring key disclosure automatically remains from one period to the next.

Legislation

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

• Academies Accounts Direction 2018/19
  • Updates to Academies, to accommodate the recently released Academies Accounts Direction 2018-19.
• Pensions SORP update
  • The Pensions Research Accountants Group (PRAG) published Pensions Statement of Recommended Practice (SORP) 2018. The revised SORP is mandatory for accounting periods commencing on or after 1 January 2019 but may be adopted early.
  • Pensions SORP 2018 reflects amendments to FRS 102 and legislation made since the previous SORP was published in 2015, along with changes resulting from the triennial review of FRS 102.
  • New account codes have been added to support the disclosure requirements for repurchase and reverse repurchase agreements. New data screens have been added and the relevant accounting reports have been updated including any appropriate error/warning messages.
• IFRS 16 – Leases
  • IFRS 16 specifies how to recognise, measure, present and disclose leases. The effective date is for periods starting on or after 01/01/2019 with early adoption only permitted if the entity is also applying IFRS 15.
  • International Accounting Standards (IAS), FRS 101 and Group modules have been updated to support the introduction of IFRS 16.
  • New account codes and data screens have been implemented to provide the relevant disclosure to the Income Statement, Balance Sheet and supporting notes. Reports have been updated accordingly.
  • Where possible, items have been pre-tagged for iXBRL efiling purposes. It is possible to manually tag other areas.
  • Interactive reporting has been updated, giving you the benefit of drill down to the underlying data.
  • Lead schedules have been updated accordingly.

FRC taxonomy update 2019

We have updated to the latest Taxonomies released by the FRC for 2019. This will give you the most up to date iXBRL efiling for Companies House and HMRC.

PTP Tax Platform

Several issues reported in earlier releases have been fixed, including:

• FTCR was restricting the relief where total income is over £150,000
• A missing Class 2 NIC value causing submission error 6492
• Validation errors were being displayed where UK Property losses exceed incom

General speed and performance

Some customers reported speed and performance issues when moving through the various FBI stages; we’ve made some changes to this routine to eliminate delays when stepping through the various stages.

Some customers reported that Tax Platform was slow to open and when moving through the new self employment pages; we’ve made changes to improve speed and general performance in these areas.