PTP Spring 2025 release v25.1.0

Overview

The IRIS PTP Suite Spring release version 25.1.0 includes all legislative updates to ensure your ongoing compliance, plus updates to FRS102 periodic review 2024, iXRBL Electronic Filing for FRS105 Audited Accounts, Basis Period reform changes for Self-employment and full and Partnership full supplements (SA103F and SA104F) and, many other updates.

PTP Accounts Production
PTP Accounts Production – Sync Control Panel
PTP Tax Platform – Individuals
PTP Tax Platform – Trusts
PTP Tax Platform – Partnerships
PTP CT Platform – CT600
PTP Tax Expense
All Tax

PTP Accounts Production (v25.1.0.734)

FRS102 Periodic Review 2024 amendments
Following the FRC Periodic Review of FRS102, we have made two overarching updates to the software as summarised below.

Cash Flow Statement – Supplier Finance Arrangements applicable for accounting period starting on or after 1st January 2025 with early adoption permissible.
Other amendments – applicable for accounting periods starting on or after 1st January 2026 again with early adoption permissible.

We have updated statutory report outputs to accommodate new disclosure (including management reports and lead schedules).
Appropriate iXBRL tagging of the accounts will follow in a future release when the FRC 2025 taxonomy is accepted for use by both Companies House and HMRC.

Accountants’ Report – update for Institute of Chartered Accountants Scotland (ICAS)
We have updated the report with the appropriate links.

The Companies (Accounts & Reports) (Amendment & Transitional Provision) Regulations 2024
This reduces disclosure in the Report of Directors effective from 6th April 2025, and we have removed the appropriate areas.

Emirati Dirham (AED) Currency
Following several customer requests, we have modified the software to allow for the selection of Emirati Dirham (AED) from the currency value within the posting entry screen.
This new currency works in tandem with our (IAS) International Accounting Standards option. In tandem with this, in the Country of Legislation Data Screen we have introduced a new option call ‘Other‘ with a further option to remove all Companies Act references.

iXBRL Electronic Filing
We have introduced electronic filing of FRS105 Audited Accounts to Companies House. This update showcases our commitment in allowing the filing of applicable accounts to Companies House electronically. This is in anticipation of the mandate for software-only filing under the Economic Crime and Corporate Transparency Act.

PTP Accounts Production – Sync Control Panel

Elements Sync Control Panel has been enhanced to now include the following features:

Option included to generate a report showing all client records synchronized with IRIS Elements.
Tenant ID now displays in the Elements Sync Control Panel.
Added an ‘Undo Changes’ button, reversing changes made in the Elements Sync Control Panel.
Confidential Clients excluded from auto-matching.
Message added stating the amount of clients to be synchronized when closing the Elements Sync Control panel.
Can untick a client after selecting ‘Save Changes’ provided synchronization has not been enabled.
Search capabilities available on the ‘Linking’ screen.
Auto matching for linking IRIS Elements client record with Desktop enabled.
Warning message added to notify users that changes cannot be made to client selection after synchronization has been enabled.
Added ability to re-synchronize client records deleted in IRIS Elements.

PTP Tax Platform – Individuals (v25.1.224)

Tax Platform – Individuals

Foreign Dividends threshold has been reduced from £1000 to £500.
Married Couples allowance (MCA) minimum limit will be updated from £4280 in the 2024/25 tax year to £4360 in 2025/2026. The maximum limit for MCA will Increase from £11,080 in 2024/25 to £11,270 in 2025/26.
Blind persons allowance will be increased from £3070 to £3130 in the 2025/26 tax year.
Maintenance payments threshold has been increased from £4010 to £4280.
It is now possible to highlight Payrolled benefits included in box 1 which affect your student loan repayments.

Basis Period reform changes for Self-employment full and Partnership full supplements (SA103F and SA104F)
As per the Basis period reform changes, the transition profits occurred in the 2023/24 tax year and can be spread across 5 years. The software has been updated to add the following boxes to cater for this change:

Transition profit brought forward
Apportioned transition profit
Accelerated transition profit
Transition profits carried forward

Self-assessment Partnership short (SA104S)
It is now possible to highlight an adjustment where the partnership’s accounting period ended before 31st March 2025 or where the accounting period was not 12 months long.

Capital Gains (SA108)
The software has been updated to reflect the following changes:

The main rates of Capital Gains Tax that apply to assets other than residential property and carried interest has been updated from 10% and 20% to 18% and 24% respectively, for disposals made on or after 30 October 2024.
The lifetime limit for investors relief has been reduced from £10million to £1million for disposals made on or after 30th October 2024.
Carried interest has been split from residential property.
A new section has been added to provide details on capital gains for Crypto assets.

PTP Tax Platform – Trusts (v25.1.224)

Self-Assessment Trust tax (SA900)
It is now possible to detail when the tax return is being completed by a trustee of an unauthorised unit trust box 8.4.1 or a bare trust in box 8.4.2.
The number of other trusts can be highlighted in Box 9B.1.

Self-Assessment Trust tax-Trust and estate trade (SA901) and Trust and Estate Partnership (SA902)
As the transition part of the basis period has now been completed in 2023/24 tax year there will be no overlap relief for 2025. Therefore, the relevant boxes have been removed from the SA901 Trust and Estate Trade and SA902-Trust and Estate Partnership.
As per the Basis period reform changes the transition profits occurred in the 2023/24 tax year can be spread across 5 years.
Therefore, the following fields have been added to the software to cater for this:

Transition profit brought forward
Apportioned transition profit
Accelerated transition profit
Transition profits carried forward

The Apportioned transition profit is auto-calculated as 25% of the transition profit brought forward for 2024/25. For 2025/26 this would be calculated as 33.33% of the transition profit brought forward.

Self-Assessment Trust and estate capital gains (SA905)
It is now possible to specify Crypto asset gains included in box 5.9 on page TC2 in new box 5.9A. In addition, Crypto asset losses included in box 5.10 can also be specified in new box 5.10A. The number of crypto asset transactions can now be highlighted in Box C on Page TC4.

PTP Tax Platform – Partnerships (v25.1.224)

PTP Tax platform for partnerships has been updated to reflect the recent changes announced by the government:

VAT threshold has been increased from £85,000 to £90,000. Our software has been updated to cater of this change in the description of Page 4 of the SA800 and page 1 and 2 of the SA800 TP.

PTP CT Platform – CT600 (v25.1.224)

Non-resident company type
A new company type 11 for a Non-resident company has been introduced who will pay tax at the main rate and not entitled to marginal relief.
In addition, a new tick box has been added on Page8 – Box 653 to highlight whether the claim is made by a R&D Intensive SME. Furthermore, Page 8 – Box 658 has been added to confirm that a Creatives additional information form has been submitted.
On Page 12 of the main CT600, Box 943 has been introduced to state if there is R&D payable credit and one of the conditions listed in the CT600 Guide is applicable.

Corporation Tax- Tonnage Tax CT600F
On the CT600F a new tick box has been added under the column ‘Not applicable’ for the following:
The company or group was covered by a training certificate. This must be completed if the company does not operate (in contrast to manage) any qualifying ships.
A new option has been added for Interest in ship or if managed only which is M-managed only (crew, vessel or safety management). Additionally, the total in Box F70 now includes the value of the new option M.

Creative Industries – CT600P
A new supplementary page has been added to provide more details on where a company is part of creative and audio-visual industries on the expenditure and audio and visual expenditure credits to calculate the corporation tax charge.

Important
Due to a late change from HMRC you will not be able to complete CT600P until April 2026. For more information, click here.
Currently a submission for Creative Tax credits cannot be made. An update will be made in the next release to allow for creative tax credit submission for April 2025.

PTP Tax Expense (v25.1.224)

Tax Expense has been updated to reflect the recent changes announced by the government:

Class 1A NIC (P11Db) has increased from 13.8% to 15% for the 2025/26 tax year.
The van benefit charge will be updated from £3960 to £4,020 in tax year 2025/26.
The van fuel benefit charge will be increased from £757 to £769 in tax year 2025/26.
The car fuel benefit charge multiplier will be increased from £27,800 to £28,200 in tax year 2025/26.

All Tax

Tax legislation and annual updates:

Updates to SA100, SA800, SA900, CT600, SA700 and R185 forms.
All the updated reports, calculations, and rates for the 2024/25 tax year.
Updates to Capital Allowance.