PTP Summer 2021 Full Features v21.2
Our PTP Suite Summer release version 21.2 includes all legislative updates to ensure your ongoing compliance, including Accounts data entry enhancements, the temporary capital allowances announced in Budget 2021 and latest HMRC data retrieval inclusions around SEISS and off-payroll working.
PTP Accounts Production
Academies Accounts Direction 2020 to 2021
Updates to Academies, to accommodate the recently released Academies Accounts Direction 2020 to 2021 to support Academy Accounts to 31 August 2021.
Other DfE/ESFA Grants disclosure in Funding for the academy trust's educational operations note
Software updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2020 to 2021 for accounting periods to support Academy Accounts to 31 August 2021.
Other DfE/ESFA Grants disclosure in Funding for the academy trust’s educational operations note
Following the new requirement to disclose Sub-analysis of 'Other DfE/ESFA grants', the software has been updated to allow for a new note structure in line with the layout presented in Academies Accounts Direction.
To enable this disclosure in the accounts a new default grant (GrntDef2 – Other DfE/ESFA grants) and a new field (Grant sub-analysis) have been added to the grant screen ‘Edit / Grants’ which will facilitate the generation of the new grant heading ‘Other DfE/ESFA grants’ in the note and its sub-analysis accordingly.
A new disclosure line item has been added to Statement of Financial Activity (SOFA) for ‘Grants’ which is supported by a new note ‘Analysis of grant expenditure’ in the notes to the financial statements.
To enable disclosure of ‘Grant expenditure’ in the SOFA and notes to the financial statements, we have created new chart account codes (188/1-5), a new default charitable activity (CharDef4), both of which need to be used in tandem to ensure the note is displayed. Finally, a new data screen has been added to the software within the Notes to the Financial Statements/SOFA Items/Expenditure / Analysis of Grant Expenditure.
Restricted Fixed Asset Funds
We have introduced new functionality to allow for the disclosure of Restricted Fixed Asset Funds. When creating or amending the Restricted Fund type, we have added a tick option for Fixed asset fund.
By posting to this new fund type this functionality will then introduce a new column within the Statement of Financial Activities to allow separate disclosure. For the equivalent Balance Sheet and Net Assets – Analysis between funds disclosure we have included a data screen within the Balance Sheet / Net Assets section to allow some additional flexibility in the disclosure of this fund.
We have added new data screens to allow for the disclosure of Central Services within the Notes to the Financial Statements, SOFA Items section, Staff Costs.
Long-Term Commitments - including operating leases
We have introduced new data screens to allow for additional disclosure requirements of Operating Leases, which are now required to be shown in a Long-Term Commitments note. This will allow the commitment to be split within one year, between one and five years and more than 5 years. There is also a new section to disclose other contractual commitments.
Guarantees Letter of Comfort and Indemnities
A new data screen for Guarantees Letter of Comfort and Indemnities has also been introduced in the Notes to Financial Statements / Other Disclosure section to ensure disclosure is available this area.
Academies Model Accounts - adoption of standard wording
Each year the Department of Education produce a model set of accounts to provide practical guidance on the application of the Academies Accounts Direction. Click here to find a copy of the model accounts. Following feedback from customers, we have adopted more of the standard wording as detailed in model accounts.
The new areas adopted for this release are:
- Members Liability
- Pensions and similar obligation for both the Local Government Pension Scheme (LGPS) and Teachers Pension Scheme (TPS)
- Related Party Transactions
If you would prefer to include additional wording or replace the model wording in the note fully we have included the add replace option within the data screen to enable this flexibility as needed.
International Accounting Standards (IAS) report - disclosure changes due to Brexit
Following Brexit, all companies applying IAS need to utilise and refer to UK-adopted IAS, instead of EU-adopted IAS for financial years beginning on or after 1st January 2021.
Where an accounting period begins before 1st January 2021 but ends on or after 1st January 2021, the FRC has issued guidance on appropriate wording referencing the 'international accounts standards in conformity with the requirements of the Companies Act 2006'.
To cater for this change we have added/updated data screens in the software in three areas being, the Statement of Directors’ Responsibilities, Basis of Preparation accounting policy, and the Report of the Auditors.
The associated disclosure wording will dynamically change depending on the account period being reported on.
PTP Tax Platform
HMRC Specials & Exclusions
Updated to cater for the latest HMRC 2020/21 online filing Specials and Exclusions.
The latest 2020/21 versions of forms R185 are included in this release.
HMRC data retrieval
The pre-populated API data retrieval from HMRC now includes SEISS details and off-payroll working status. Please note that HMRC data quality is dependent on their annual reconciliation process, meaning some data may not be available until late summer.
PTP CT Platform
Following the announcement in the Spring 2021 Budget the CT Platform program has been updated to cater for the introduction of the temporary capital allowance 130% super-deduction and 50% special rate allowance for expenditure incurred on or after 1 April 2021.
Share Loss Relief
Program and corporation tax computation updated to cater for Share Loss Relief.