PTP Spring 2021 Full Features v21.1
Our PTP Suite Spring release version 21.1.324 includes all legislative updates to ensure your ongoing compliance, as well as a change to allow for future integration with the IRIS Elements Platform and several security maintenance updates to ensure that online transactions remain secure.
PTP Accounts Production
Revised Financial Statements (amended accounts)
It is now possible to prepare Revised Financial Statements. This functionality includes new data screen sections; Options, Revision by Replacement and Revision by Supplementary Note.
- Provides the ability to amend the default wording ‘Revised’ to something different.
Revision by Replacement
This will include the default wording ‘Revised’ or alternative on the Flysheet but will also allow the wording to appear on the following pages where needed:
- Primary statements
- Non-statutory reports (where attached to a set of financial Statements)
- Company information
- Chairman’s report
- Operating and financial review
- Strategic report
- Report of the directors
- Statement of directors’ responsibility (where appearing as a separate report)
By selecting Revision by Replacement also includes an additional note, in the Notes to Financial Statement called Revised Financial Statements, which provides the additional disclosure requirements in this area.
Revision by Supplementary Note:
- generates a supplementary note which will appear before the Flysheet (specific report mnemonic is RSN).
- includes an Approval and Authorisation Data Screen for the Revised Financial Statements.
By selecting Revision by Replacement or Revision by Supplementary Note, this activates additional disclosure notes within the Report of the Auditors, Emphasis of Matter – Revised Financial Statements.
Revised Financial Statements functionality is now available for most accounts formats and associated accounting standards. Currently electronic submission of Revised Accounts is not permissible, and the software will prevent this from happening if an attempt is made.
Incorporated Charity, Unincorporated Charity and Academy Accounts – ISA Audit report update – Conclusions relating to Going Concern
Following similar changes included the Autumn 2020 release for Limited Companies LLP’s, Groups and Pension scheme accounts. Incorporated and Unincorporated charity accounts now include updated sections in the Audit Report, specifically for Conclusions relating to Going Concern, this being split in into 3 new data screens that will allow you to include additional texted over and above text prescribed by the standards:
- Explanation of Evaluation of Management Assessment
- Key Observations Arising re Evaluation
- Additional Replacement Text
The Data Screens sections for ‘Other Information’ and ‘Auditors’ responsibilities for the Audit of the Financial Statements’ have also been updated, the later section now including an updated screen for ‘Opening Paragraph’ and new screen ‘Detecting Irregularities’ which encompasses fraud disclosure.
These changes are applicable for Accounting periods starting on or after 15th December 2019.
If you require access to the old layout these can be trigger from the Old Legislation section within the Data Screens.
FRS 102/FRS 101 Reduced Disclosure Exemption update
We have removed the disclosure exemption for the requirements of FRS 102 Section 4 Statements of Financial position paragraph 4.12(a)(iv). We have also removed reference to the section number as FRS 102 now only refers to the paragraph numbers. The changes will be visible for accounting periods starting on or after 1st January 2019. Again, the older layout can still be triggers from the Old Legislation section within the Data Screens.
FRS 105 – Additional Flexible Disclosure
From within the Data Screens Notes to the Financial Statements Section we have included two new freeform Data Screens, Freeform Note A appears just after the Statutory information note and Freeform Note B, appears after Off-Balance Sheet Arrangements. This provides some additional flexibility in reporting disclosure with this FRS.
We have now updated the Charities to include the same Revaluation Data Screens as normal Limited Company formats.
The new Revaluation screens appear for charity accounts with a period end date of 31 March 2021 and for Academies with a period end date of 31 August 2021.
Charities Revaluation notes have been made taggable for iXBRL submission purposes.
Pension Scheme Accounts – Implementation Statements
The regulatory changes in 2018 introduced the concept of an annual Implementation Statement in which trustees set out how and the extent to which the SIP has been followed during the year.
The trustees of the relevant schemes are required to include a new Implementation Statement relating to the scheme’s investment in their annual report for accounts produced on or after 1 October 2020.
New data screens have been added for Pensions to accommodate inclusion of an Implementation Statement.
Implementation Statements are permissible for Accounting periods starting on or after 1st October 2020.
PTP Tax Platform
Client main details
The Client Main Details data format has been updated to allow for future integration with the IRIS Elements Platform. This process has been largely automated, but we ask that you review the data to ensure it is displayed correctly. The new format will be evident when adding a new client but there will also be an update to the structure of existing data that occurs as you access each client’s record for the first time in the 2021 release. The updated data will be displayed and at this point you will have an opportunity to change any of the automated suggestions before saving.
Tax Legislation and annual updates:
- Updated Dividends databases
- Updates to SA100, SA800, SA900, R40 and CT600 forms
- All the updated reports, calculations and rates for the 2020/21 tax year
- Updates to Capital Allowances
PTP CT Platform
Includes the new CT600L Research & Development supplement (part of CT600 v3) for periods starting on or after 1 April 2015.
CJRS and SEISS (grants and claims)
Includes form updates for all the different types of coronavirus support schemes which need to be reported, as well as incorrectly claimed grants.
PTP VAT Filer
Includes updates to reflect the post-Brexit changes to the VAT Return.
We continue to maintain and update our products to ensure that they comply with the latest online security requirements.