PTP Spring 2023 release v23.1
Our PTP Suite Spring release version 23.1.0 includes all legislative updates to ensure your ongoing compliance, plus some enhancements based upon your feedback, including, an improvement in the speed of generating accounts reports and the introduction of a compliant template for preparing accounts for dormant limited companies and LLPs using FRS 105.
PTP Accounts Production
Report generation speed improvements
We understand that time spent waiting for accounts reports to be produced can seem like an eternity and become frustrating. We have implemented some changes behind the scenes that maintain all compliance and presentation but have significantly improved the time taken to generate reports; on average by a considerable 47%.
Limited Company and LLP Dormant accounts using FRS 105
We have introduced a compliant template to allow you to prepare accounts for dormant Limited Companies and LLP’s using accounting standard FRS 105. When preparing these accounts, we have also included supporting disclosure for companies acting as an agent for a person. Variants of these accounts can be produced for both Companies House and HMRC. Initially these accounts can only be filed by paper, but we will be looking to include an electronic option in a future release.
FRS 102 – Cashflow Statement (Note 1) Reconciliation of Profit
When preparing accounts using accounting standard FRS 102 and completing a Cashflow Statement, we have introduced a third new option to start the Reconciliation from the Operating Profit value within the accompanying note 1. This new option by starting the Reconciliation from the Operating Profit (O), improves the flexibility on the note and has been given the appropriate iXBRL tag to ensure accounts that are submitted electronically will also be compliant. The same functionality has been applied for not only standalone Limited companies but also Groups with consolidated cashflows and LLP accounts formats giving you this new flexibility across the full range of accounts, that could require the need for a Cashflow Statement.
Independent Examiner report update
For Incorporated Charities with gross income above £250,000, we have updated the Independent Examiner report disclosure to now include prescribed wording to match the relevant professional body you are reporting under. We have also allowed for the relevant professional body to be included below the name of the independent examiner signing the report.
We have included the most common professional bodies depending on the country of legislation selected and have updated the web site address for the relevant professional guidance.
Directors’ report Individuals pronoun
Following an update made to the client record to allow an individual to have their gender assigned as ‘Other’, within Accounts Production, we have introduced the ability to amend the pronoun in the Directors report for a single director company. The default pronoun will be ‘they‘ or ‘their‘ but can be updated with a more suitable choice. When applied this will modify the directors report output.
Update to the ratios report
We have updated the Ratios report so that the information contained within matches the output in the Elements Financial Performance Review (FPR) report. The first is an additional line item for net profit / (loss) after tax and renamed the existing net profit / (loss) to net profit / (loss) before tax. The second is to update the profit ratios in the later part of the report to reflect the same changes (that is, profit before and after tax). Finally, we have included the trade creditor ratio to now bed reported in days.
Capital Assets updates – QAHC
From 2023 onwards, updates have been made to PTP to identify shareholdings from a qualifying asset holding company, with the added ability to select whether the shares are Excluded indexed securities or shares repurchased.
These additional fields can be found within the capital gains data entry schedules.
From April 2023 the main rate of corporation tax will increase to 25% (19% for businesses with profits less than £50,000) and with the reintroduction of Upper, lower limits and marginal relief, naturally we see the reintroduction of associated companies.
The software has been updated to automatically apportion the upper and lower limits based on the number of associated companies entered, which will also impact the calculation of corporation tax and the marginal relief calculation.
New boxes have been added to the PTP product (Boxes 326 – 328) to cater for the reintroduction of associated companies.
CT600l – Research and Development (SME and RDEC rate changes)
PTP has been updated to cater for the rate increase of RDEC from 13% to 20%. PTP will continue to automatically calculate the tax credit based on the expenditure entered.
The software has been updated to cater for all scenarios including those with straddling periods, where the rate will be both 13% and 20% dependent on the date the expenditure was incurred.
SME Research and Development credit rate change
PTP has been updated in line with the SME Tax credit rate decrease from 14.5% to 10% along with a decrease in the additional deduction on SME tax credit expenditure which has decreased from 130% to 86%.
Capital allowance £1,000,000 AIA limit
In the mini budget it was announced that the planned reduction of the AIA limit to £200,000 from 1st April 2023 would be scrapped. The system has been updated to continue to automatically apply AIA up to the £1,000,000 limit; this has been set in the software to apply to all future accounting periods.
Tax legislation and annual updates:
- Updated Dividends databases
- Updates to SA100, SA800, SA900, CT600, SA700 and R185 forms
- All the updated reports, calculations and rates for the 2022/23 tax year
- Updates to Capital Allowances