PTP Spring 2020 v20.1 Full Features

Overview

Our PTP Suite Spring release version 20.1 includes the latest legislative updates to ensure that you remain fully compliant. It also includes several user experience improvements, including changes to the ‘next year’ tax return and a rewrite of the Charity and Academy Reports to enable Interactive Report functionality and improve the speed of output to be up to 78% faster.

PTP Accounts Production

Interactive Charity and Academy Reports

The report output for Charity and Academy Accounts has been completely rewritten to significantly improve 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 produced when compared to the previous report output. The new reports also allow future report updates to deployed more efficiently.

Legislative Updates

ISA (UK) 570 Going Concern - New Data screens and corresponding report outputs have been included in 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 period 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)

FRS105 Accounts Template 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 (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, 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.

  • Updated Dividends databases
  • All the relevant reports, forms, calculations and rates for the 2019/20 tax year
  • Updates to SA100, SA800, SA900, R40 and CT600 forms
  • Updates to P11D, P46(Car) and P11D(b) forms
  • Update to use HMRC latest schemas
  • Updates to Capital Allowances