PTP Autumn 2024 Full Features v24.3.0

Overview

The IRIS PTP Suite Autumn release version 24.3.0 includes additional functionality to allow electronic submissions for revised financial statements as well as amendments to the FRS 101 Reduced Disclosure Framework. In PTP Tax, we have updated the Freeport and Investment zones for the CT600M and resolved issues in the Tax Return and CT Platform. We have also updated the software to reflect all new legislative updates.

PTP Accounts Production (v24.3.553)

Revised Financial Statements – (amended accounts) Electronic submission
The capability of electronically filing of Revised financial statements (amended accounts) with Companies House has been added to the software. This follows the release of Revised financial statements (amended accounts) back in the Spring 2021.

The change includes applying the 2023 FRC taxonomy appropriately so that Companies House will recognise the accounts as revised. The Data Screens have also been updated for audited accounts, allowing for the inclusion of appropriate revisions for example in opinion, whilst retaining the original content, if required. If an earlier version of the FRC Taxonomy has been used to file the original set of accounts, the software will prevent an amended set from being filed. In this instance, please create a new duplicate post file for the year or period in question and copy the trial balance across. To copy the trial balance this can be achieved using the steps below. If you have added any iXBRL tags in the Data Screens for the original set these will need to be remapped across to the revised copy. This will bring the accounts up to date with the latest FRC 2023 Taxonomy version.

This update showcases our commitment to enabling filing of all applicable accounts with Companies House electronically, in anticipation of the mandate for software-only filing under the recent Economic Crime and Corporate Transparency Act.

FRS 101 – 2023/24 annual review cycle
On the 9th August 2024, the FRC issued minor amendments to FRS 101 Reduced Disclosure Framework following the 2023/24 annual review cycle.
To match we have updated the software and now include the appropriate exception of paragraphs 53(a), (h) and (J) of IFRS16.
This can be found under the Data Screens, Standard Accounting Policies, Basis of preparation, FRS101 – Reduced disclosure exemptions.

PTP Tax Platform (v24.3.127)

Update list of Freeports and Investment zones in the CAM (Sole traders and Partnerships)
The list of Freeport and Investment zones has been updated for Non-pooled asset type Structures and buildings as per the below:

Freeport: Inverness and Cromarty Firth — 9
Freeport: Forth — 10
Freeport: Anglesey — 11
Freeport: Celtic (Port Talbot and Milford Haven) — 12
Investment Zone: Liverpool City Region — 13
Investment Zone: North East — 14
Investment Zone: West Midlands — 15

Resolved issues:

An erroneous warning was appearing stating “Trading income allowance cannot be more than £1000 or total receipts from self-employment” when no entry was made.
It has been reported that when box 3.82 is completed in a partnership return for 2024 then within the Allocate Income to Partners screen it doesn’t give an option for the SA104F.
Dividends were being brought forward to the 2024 return when it was ceased in 2023. This issue has now been resolved.

PTP CT Platform (v24.3.127)

Update list of Freeports and Investment zones in the CAM
The list of Freeport and Investment zones has been updated for the CT600M for Non-pooled assets type Structures and buildings as per the below:

Freeport: Inverness and Cromarty Firth — 9
Freeport: Forth — 10
Freeport: Anglesey — 11
Freeport: Celtic (Port Talbot and Milford Haven) — 12
Investment Zone: Liverpool City Region — 13
Investment Zone: North East — 14
Investment Zone: West Midlands — 15

Resolved issues:

Zero emission assets were being treated as pooled assets but should be included in the Plant and Machinery pool.
For a 2024 CT return, Box 659 is not being populated which prevented the return from being submitted.

Tax legislation and annual updates

Updates to R40 for tax year 2024
Updated dividend database to reflect the latest dividend declaration.
Updates to Specials and Exclusions
Updates to the latest version of the CT600
Updated to the latest CT taxonomy