PTP Summer 2022 full features v22.2
Overview
Our PTP Suite Summer release version 22.2 includes all legislative updates to ensure your ongoing compliance, including the latest R185, return of marginal relief for Corporation Tax, an increase in rates for creative tax credits and updates to the Academy Account formats.
PTP Accounts Production
2018 Taxonomy Retirement 1st August 2022
Following the recent retirement of the 2018 Taxonomy (1st August 2022), as part of this release when producing accounts that have historically used this Taxonomy, we have adjusted the software to apply the latest Taxonomy to unfinalised sets of accounts irrespective of accounting periods.
Prior to this release if you tried to electronically file accounts using the 2018 Taxonomy, Companies House and HMRC will reject these accounts. After installation if you do encounter this, please unfinalise and regenerate the iXBRL accounts and the software will apply the latest appropriate permitted Taxonomy.
Prior to the application of the latest Taxonomy the software will also offer the option to automatically carry forward items that you have historically tagged manually, saving you considerable time in having to re tag.
Academies Accounts Direction 2021 to 2022
General update
Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2021 to 2022 for accounting periods to 31 August 2022. Appropriate changes have been made 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. This continues our commitment to bringing the latest compliance.
Governance Statement Update – Conflicts of Interest
Within the Governance statement we have introduced a new free form data screen to allow the disclosure of Conflicts of interest. This can be found in the Governance Statement, Governance section of the data screens entitled Conflicts of Interest.
Statement on Regularity, Priority and Compliance
We have updated the standard paragraphs to replace the historic reference to Academies Financial Handbook to the up to date Academy Trust Handbook where it is appropriate.
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SOFA – Charitable Activity, Teaching School Hub
Within the Charitable Activates section we have renamed the existing Teaching schools Charitable Activity to be called Teaching school Hub. We have updated the SOFA to include a new separate income and expenditure section for Teaching school hub. A breakdown of the income line will be detailed within the note titled Funding for the academy’s charitable activities.
If there is no Teaching school hub income the title of the note will be displayed as Academies Educations Operations. Similarly, if there is Teaching school hub expenditure the expenditure line will be supported within the note titled Charitable activities providing additional disclosure as required.
Related Party Transactions – Trustees’ remuneration and expenses
We have introduced a new sections data screens to allow the updated disclosure requirements of Trustees’ remuneration and Expenses and removed a data screen Transactions with Trustees.
The new data screen has 4 sections:
- Opening text – this is prefilled with content from the AAD example.
- Trustees’ Disclosure – this provides a tabular layout to disclose the name of the Trustee, their designation and the actual amounts for remuneration and employers pension contributions paid. Once complete this will then automatically place the trustees’ into bandings as the legislation requires. For comparative disclosure purposes we have included a similar data screen in the August 2021 year end.
- Additional/replacement text area – this provides you the freedom to either add additional disclosure or fully replace the standard template.
- Expenses – this allows allow the relevant disclosure for travel and subsistence, the total values are derived and automatically calculated from sub account 11 in all of the trustee remunerations accounts, again saving you time, otherwise there is the ability to add additional disclosure or fully replace where needed.
The remuneration and expenses section can also be accessed from the interactive reports.
Accountants Report – new variant
Following this request by a group of customers we have introduce a new variant of the Accountants’ report removing any specific reference a particular accountancy body. This report can be enabled from the data screens for Accountants’ Report and is available for Limited Company / Partnership and Sole Trade formats.
PTP Tax Platform
Tax Legislation and annual updates:
- Updated Dividends databases
- Updated Specials & Exclusions
- Update R185 forms
PTP CT Platform
Creative Tax Credit
Includes the increase in the rate for the Creative Tax Credit for the period starting on or after the 27th October 2021.
The government intends to raise the rates of three corporation tax reliefs that are collectively referred to as the ‘cultural reliefs’: Theatre Tax Relief (TTR), Orchestra Tax Relief (OTR), and Museums and Galleries Exhibition Tax Relief (MGETR).
This is intended as a temporary measure to have beneficial outcomes for the sector in the UK’s economic recovery from coronavirus (COVID-19). As such, the rate increase is intended to last for two years and five months beginning from 27 October 2021. The rates will taper down from 1 April 2023 before returning to current levels from 1 April 2024.
Marginal Relief
The Reintroduction of Marginal Relief from 2023 for the period starting on or after the 1st April 2023.
The government have announced that with effect from 1 April 2023, they will be reintroducing two rates of Corporation Tax. This will be achieved by increasing the Corporation Tax main rate from 19% to 25% for companies with profits over £250,000. The rate of Tax will remain at 19% for small profit companies (companies with profits not more than £50,000) Marginal relief available for profits up to £250,000.
