PTP Autumn 2023 full features v23.3.0
Overview
The IRIS PTP Suite Autumn release version 23.3.0 includes a number of legislative updates to ensure your ongoing compliance including catering for full expensing which offers 100% FYA on new main rate plant & Machinery and 50% FYA for new special rate assets and the option to use an international style balance sheet in FRS101 Accounts.
PTP Accounts Production (v23.3.0.418)
FRS 101 International style Balance Sheet
When preparing accounts using accounting standard FRS 101 historically the software has used a Companies Act style Balance Sheet. Following a request by customers and continuing our drive to give you more flexibility in reporting, we have introduced an option to use an international style balance sheet. Within the Data Screens Balance Sheet, Options, FRS 101 – Options, at the bottom of the screen we have introduced two new tick options.
- the first ‘present Balance sheet in IFRS layout (rather than Companies Act layout)’.
- the second to ‘show Balance Sheet totals in the order Assets – Liabilities – Equity’.
As part of this update, we have amended the group names so when previously referring to trade debtors, these will be shown as trade receivables and similarly for trade creditors these will be shown and trade payables. These changes will also be reflected in the corresponding reports and notes to the accounts. If you wish these to be reflected the name changes in the account descriptions these will need to be amended manually at either chart or client level.
Finally, we have included the appropriate iXBRL tagging to any new reports or notes to allow you to continue to produce and submit these accounts electronically to both Companies House and HMRC.
PTP Tax Return (v23.3.111)
Tax legislation and annual updates:
- updated Dividends databases
- updated to reflect the latest specials and exclusions
PTP CT Platform (v23.3.111)
Full expensing
It was recently announced by the government that from April 2023 until the end of March 2026 companies can now benefit from full expensing, which offers 100% FYA on new main rate plant & machinery and 50% FYA for new special rate assets.
CT Platform has been updated to easily identify the assets under the corresponding relief claim from which the software will automatically calculate, track and report on the necessary supporting documentation.
Tax legislation and annual update:
- updated the latest HMRC CT Taxonomy 2023
