PTP Spring 2020 Release v20.1

Overview

Our PTP Suite Spring release Version 20.1 not only focuses on all the latest legislative updates to ensure that you remain fully compliant and ahead of the curve. But also includes a number of user experience improvements, including changes to the 'next year' tax return and a rewrite of the Charity and Academy Reports to enable Interactive Report functionalist and improve the speed of output to be up to 78% faster.


PTP Accounts Production

Interactive Charity and Academy reports

Our new interactive charity and Academy reports allow you to edit client details, account descriptions, disclosures and notes and add, amend or cancel postings direct from the onscreen preview. The report output has been completely rewritten and significantly improves the speed and stability when generating final accounts and associated reports. During our quality assurance process, final accounts reports were on average 78% quicker to produce. The new reports also allow future report updates to be deployed more efficiently.


Legislative Updates

ISA (UK) 570 Going Concern
New Data screens and corresponding report outputs have been included to comply with revised legislation

Charity SORP (FRS102) 2019 – published in Oct 2019
IFRS9 Financial Instruments - This reporting standard has now been included in our FRS101 template, new data screens have been added together with corresponding report outputs to support the disclosure requirements to the Income Statement and the Statement of Financial Position.

Companies (Miscellaneous Reporting) Regulations 2018 for accounting periods beginning on or after 1 January 2019

  • Engagement with employees
  • Engagement with suppliers, customer and others
  • Updated Strategic directors and trustees reports Section 172(1)

Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015
From 11th May 2020 mandatory notes and disclosure for statutory accounts comes into force for the Average number of employees for Small and Micro Entity companies for accounting periods starting on or after 1st January 2016. IRIS Accounts Production validations will now prompt for this information.

FRS105 Accounts Report Update

The report output now includes a non-statutory more detailed Profit and Loss account to help explain and understand the financial statements.


PTP Tax Platform

Enhancements have been made to the single client transfer forward routine to improve the experience for those using a networked version.

Where a 'next year' tax return has been added in the previous year's release, the return will now be identified and flagged as potentially containing 'estimated' figures. These returns will need to be finalised before they can be progressed so that any estimated figures can be reviewed as appropriate.

Due to continuing issues with the timing of its availability and quality of the HMRC Foreign Tax Credit Relief (FTCR) documentation, this year we made the decision to write a new and improved Foreign Tax Credit Relief (FTCR) calculation. The new feature will be available in an up-coming release, but in the meantime we have temporarily disabled the automatic calculation in box 2 on the SA106 Foreign supplement. This short return to manual entry will avoid any issues caused by the HMRC documentation. We apologise for any inconvenience this temporary change may cause you, but we feel this was the right decision as the current solution was increasingly falling short of our high standards of compliance.

Legislative Updates

Corporation Tax has been updated to cater for the new Capital Loss Restriction. The Finance Bill 2019/20 will restrict companies’ use of carried-forward capital losses to 50% of capital gains from 1st April 2020. The provisions will include an allowance that permits companies unrestricted use of up to £5m capital or income losses each year.