PTP Summer 2023 full features v23.2

Overview

The IRIS PTP Suite Summer release version 23.2.0 includes all legislative updates to ensure your ongoing compliance including; the latest Academy Account formats, updates to the Assurance report and the newest rates for R&D and creative tax credits.

PTP Accounts Production

Academies Accounts Direction 2022 to 2023

Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2022 to 2023 for accounting periods to 31 August 2023. These include changes to the reference date to reflect in the statement of trustee’s responsibilities, audit report, report of regularity and accounting policies note for the basis of preparation. We have also updated the Statement on Regularity, Propriety and Compliance to include a subtle change in wording for estates safety and management. This continues our commitment to bringing the latest compliance.

IRIS KashFlow APIs update

As part of our commitment in providing you with industry standard API technology, in this release we have update to the Application Program Interface (API) supplied by KashFlow. This update retains the vast majority of existing workflow and integrations between the two products. The main noticeable difference within Accounts Production is when you ask for KashFlow data the Accounts production software will prompt you for appropriate login credentials.

Assurance Report Update Tech09/13 AAF (revised)

Following a revision to ICAEW’s Tech09/13 AAF, Assurance Review Engagements on Historical Financial Statements, when selecting an Assurance report, we have made the following changes to Data Screens and corresponding standard layouts and wording for the equivalent report outputs.

Within the Data Screens, Report of Directors, Statement of Directors’ Responsibilities, Report of the Accountants, Statement Required, it is no longer permissible to include a Statement of Directors’ Responsibilities within the Report of Directors, as a result we have removed this option. The same also applies if you have selected an Audit Report in your choice of report.
Within the Data Screens, Auditors and Accountants, Accountants, Assurance Report, Statement of Directors Responsibilities, it is now permissible to include a Statement of Directors’ Responsibilities within an Assurance Report and a new Data Screen has been created to capture this disclosure, this compensates for removal above, with the option to add content to the default wording or fully replace as needed. Again, the same also applies if you have selected an Audit Report in your choice of report.

We have also updated the Assurance Report wording where it is applied to accounts prepared under the Micro-Entities Regime Financial Reporting Standard (FRS) 105.

If you wish to revert to the original wording and Data Screens tree structure, this can be done from within the Data Screens Old Legislation, etc, Auditors and Accountants Assurance report Statement of Directors’ Responsibility.

The changes will be reflected on Limited Companies, Limited Liability Partnerships, Groups and all accounting standards that allow for an assurance report.

PTP Tax Return

Tax Legislation and annual Updates:

Updated dividend database to reflect the latest dividend declaration.
Updated the latest R40 for tax year 2023.

Resolved issues:

Updated the software to allow rent a room relief and property income allowance to be claimed on different properties
Incorrect values being entered for excess residential finance cost b/fwd. and C/fwd.
Class 1A NIC on pay rolled benefits now correctly populates section 1 rather than section 4

PTP CT Platform

SME R&D – Intensive tax credits

The government announced that the tax credit rate for SME R&D claims would reduce from 14.5% to 10%, however in addition to this the government announced a new SME tax credit for “R&D Intensive” companies, companies whose qualifying expenditure is 40% or more will be allowed to claim an SME tax credit at an uplifted rate of 14.5%.

We have updated the PTP CT Platform R&D functionality to allow you to easily identify a company as an R&D intensive company and subsequently have the software automatically calculate the corresponding SME R&D claim at the uplifted 14.5%, without any additional manual calculations, this will then automatically map to the CT600 and supporting documents.

Creative tax credit higher rate extension

The government announced a temporary extension to the rate rises of Theatre tax relief, Orchestra tax relief and Museums & galleries exhibition tax relief for 2 additional years. The government originally intended for these increased tax rates to taper down from the 1st April 2023 however this has now been extended to the 1st April 2025.

Current tax credit rates from 1st April 2023:

Theatre (Non-Touring/Touring) – 45%/50%
Orchestra – 50%
Museum & Galleries (Non-Touring/Touring) – 45%/50%

We have updated the PTP CT Platform product to automatically restrict the amount of tax credit that can be entered as a creative tax credit, while also considering period that straddle multiple thresholds, ensuring that you are able to successfully file your creative tax credit first time without running the risk of needing to amend.

Tax Legislation and annual Updates:

Updates to the latest version of the CT600
Updated to the latest CT taxonomy

Resolved issues:

Error 9417 – updated the corporation tax calculation to ensure that where no marginal relief is calculated box 435 is left blank as expected resulting in successful submission of the CT600.
Corrected the corporation tax computation to display any capital allowance deductions that have been entered against property income.