PTP Autumn 2022 full features v22.3
Overview
Our PTP Suite Autumn release version 22.3. includes all legislative updates to ensure your ongoing compliance, including the latest version of form 64-8, changes to schemas in Corporation Tax to cater for the increase in the AIA limit, the resolution to several issues reported since the last release. Plus, enhancements based upon your feedback, such as including the ability to drill into the Exception Report in the Interactive Accounts.
PTP Accounts Production
Exception Report becomes fully Interactive
Following feedback from customers and continuing with the drive to make the preparation of accounts more intuitive. As part of this release, when using the Interactive Report, we have made any items included in the Exception Report drillable. The Exception Report contains items that would typically prevent you from being able to electronically submit the appropriate accounts for Limited Companies or Limited Liability Partnerships to Companies House or HMRC.
Using a Limited company as an example by clicking on the Interactive Report menu button from the tool bar and generating the “LTD” report, if there are any exceptions, they will appear in a separate Exception Report tab. By viewing the tab, the exception(s) will be shown and highlighted by a red box with a pencil in the top left-hand corner of each box. By clicking the pencil this will open the underlying Data Screen, once complete the Data Screen can be closed, if needed the next exception can be resolved. The report can then be refreshed using the refresh button to view the effects of all changes made.
This feature will save you considerable time compared to searching through specific data screens to clear the appropriate exceptions or clicking in and out of reports to resolve exceptions.
Inclusions of Executors
For Sole Trade and unincorporated Partnership formats we have updated the Client Approval Data Screen by including a new free form box for a reference to executor(s) or administrator(s) that will allow you to include an appropriate title in respect of a deceased person(s).
PTP Tax general
Updated 64-8 Agent authorisation form
HMRC recently released a new version of the 64-8 agent authorisation form, this new version is now being accepted by HMRC.
HMRC have stated that they will stop accepting the old 64-8 form shortly therefore In order to cater for this new form, we have updated the PTP product to allow for efficient completion of this form.
This form will be automatically completing with the client details entered within the software, which can then be printed off and sent to HMRC.
Note: 64-8 does not have an online submission process therefore sending by paper is the only route.
PTP Tax Platform
Tax Legislation and annual updates
- Updated Dividend database
- Updates to Exclusions
PTP CT Platform
The government announced that the increase in AIA limit of £1,000,000 would be extended to the 31st March 2023 as well as a rate change for S455 tax to 33.75% however HMRC did not release to corresponding schemas, which resulted in returns with either of the below situations being rejected:
- Limited company with a 12-month accounting period straddling 01/04/2022 and claiming AIA greater than £200,000
- Limited company with a 12-monht accounting period straddling 01/04/2022 with a new loan outstanding resulting in a s455 charge
However, in this release of PTP we have updated the schema to allow for these situations to now be successfully submitted to HMRC.
