PTP Software Support - What's new in this release
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.
HMRCs on-line VAT filing solution is no longer compliant for businesses with a turnover above the VAT threshold. PTP VAT Filer is what HMRC refer to as ‘bridging software’ and can be accessed via the PTP Launcher. A new client browser has been added, meaning you can select and work with your existing client records for VAT.
VAT Filer is not a replacement to bookkeeping software; it is intended to complement the use of spreadsheets by allowing for the import of VAT values from either a CSV file or clipboard. It then submits returns to HMRC via their new MTD APIs.
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 for the client and displays this information on screen, making it simple to track what’s due and what’s still outstanding for your client.
PTP Accounts Production
IRIS Accounts Production has been updated for all the latest legislative change 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.
PTP 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.
- 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
Further enhancements to help assist with GDPR requirements, including:
- Integration with IRIS OpenSpace, this replaces the Authority2File functionality offering a ore secure way of sending documents to clients for approval.
Other recent changes to PTP Accounts Production and PTP Tax Platform...
General Data Protection Regulations
Additional security has been introduced for Tax Platform; xml files (files that are submitted to HMRC) are now secured within the database. These files can be retrieved as necessary by way of a new file extraction utility.
IRIS Connector now works seamlessly with MyWorkPapers to import a trial balance before preparing the final accounts, making the process as efficient as possible.
PTP Share Register
A new audit trail makes it very easy to find out who created, altered or deleted the client and when. The audit log can be accessed by Supervisor’s from the Tools/Security menu. This improvement helps you monitor the most important changes to client data in PTP Share Register.