PTP Spring 2022 Full Features v22.1

Overview

Our PTP Suite Spring release version 22.1 includes all legislative updates to ensure your ongoing compliance as well as introducing the new CT600M form and updates to the existing CT600 forms.   

PTP Accounts Production

New Limited LIability Partnership (LLP) Statement of Recommended Practice (SORP)

On 17 December 2021 the CCAB issued a revised SORP for LLP’s, this became effective for accounting periods starting on or after 1 January 2022. For accounting periods that start before this date as permitted, we have included a Data Screen to allow early adoption that enable the following changes. 

• For LLP’s that produce a Cash Flow Statement, we have included the option for a new accounting policy for Classification of share of profits. This can be found in the Data Screen Cash Flow Statement, Notes to the Cash Flow Statement, Classification of Share of Profits in Cash Flow Statement. The software will include the flexibility to show the policy either with the other standard accounting policies or within the notes to the Cash Flow Statement. 
• To permit disclosure of Members’ share of profits within the Cash Flow Statement, we have updated the Data Screen for Cashflow Statement, Financing Activities, Transactions with Members and have introduced 3 new fields above the default Payments to members’ field. 
• To permit the disclosure of Member’s Drawings on account and Distributions of profit, within the Reconciliation of Members’ Interest statement, we have extended and updated the Drawings field within this Data Screen to show a revised narrative. The narrative can also be amended if required. 
• The term ‘unallocated profit’ has been updated to now be referred to as ‘undivided profit’, to adopt this change we have update groups 390 & 853 and corresponding account codes with the new description. 

By implementing these changes, it reaffirms our commitment to be first to apply the latest legislation to provide you the required tools to produce compliant accounts. 

Streamlined Energy and Crabon Reporting (SECR)

In early September 2021 the FRC published their review into reporting on emission, energy consumption and related matters under the SECR. As a result of this review, we have introduced a more comprehensive selection of Data Screens within the Report of the Directors section. 
These allow you the option to create a separate report specifically for SECR. If the option is selected to have report showing separately then we have included the appropriate signatory fields. Alternatively, this report can either form part of the Report of the Directors or the Strategic report where required. This broader approach is all designed to align more closely with the FRC’s findings. 
These changes have been made available where applicable for both Limited Companies (including Charity formats, Group Accounts) and LLP’s. 

Report of the Directors – Post Balance Sheet events

Following this request by a group of customers we have updated the disclosure for post balance sheet events within the Report of the Directors.
Previously these events were reported using standard fixed wording, that referred to the equivalent disclosure in the notes to the financial statements. 
With this release we have included a new Data Screens called ‘Post Balance Sheet Events’ which will allow you to amend the default wording in both the heading and detailed texted.  

Fixed Asset Invetsments increased Additional Items – iXBRL labels

Following on from last Autumn’s release where we increased the number of available Subsidiaries, Associated Companies and Subsidiaries not in Parent. With this release, we have now applied the relevant IXBRL taxonomy concept labels to each additional new item to ensure greater levels of compliance are achieved when electronically filing with Companies House or HMRC.  

FRS105 Fixed Assets – Exception report

Previously when preparing accounts under FRS105 in the software, where there was a difference in the fixed assets between the carry forward and brought forward balances, an exception was not included within the exception report, as part of this release we have included the relevant exception to ensure it is easier to spot differences between comparable year on year balances. 

International Accounting Standards (IAS) – report format updates

Using customer feedback, we have updated the reporting formats when preparing accounts under IAS.   

Our first revision relates to the non-statutory income statement summaries report title.  This has historically been fixed.  As part of this release, you now have the option to edit it to something more appropriate. 
The second revision relates to the Statements of Cashflows and to the disclosure of ‘Tax paid’.  This again has historically been a fixed narrative.  With this release you will now be able to edit this title.  Both these marginal gains are aimed at improving report customisation. 
The third revision relates to the inclusion of a format 1 Statement of Financial Position.  A new tick box can be found Data Screen, IAS 1 – Options, called “show Statement of financial position totals in the order Assets – Liabilities – Equity” and this will modify the report output accordingly. 
Finally, this release now includes accounting policy for cash and cash equivalents.  This policy can be found from within the Data Screens, Standard Accounting Policies, Cash and Cash Equivalents.  The policy is triggered if appropriate balances are utilised in the chart of accounts such as deposit or cash in hand account types. 
The texted of the policy itself is prepopulated with content.  However, as with other notes this can be customised as needed.  The policy can also be disabled, if required, by unticking ‘show the policy’ option at the top of the specific Data Screen. 

Audit Report – reference to Singular Shareholder or Member 

Within the Data Screens for the Report of the Auditors, Options section we have included a tickbox to refer to Shareholders or Members as singular rather than plural. 

PTP Tax Platform

Tax legislation and annual updates

• Updated Dividends databases   
• Updates to SA100, SA800, SA900, R40 and P11D  
• All the updated reports, calculations and rates for the 2021/22 tax year    
• Updates to Capital Allowances  

PTP CT Platform

Includes the new CT600M for periods starting on or after 1st October 2021. 

The Government announced 8 new Freeport locations in the November 2020 budget. To allow for claims of enhanced structures and building allowance in these new sites, supplementary pages (CT600M) have been added. 
We have updated the following CT600 forms in line with HMRC changes:

• CT600A rate updates from 32.5% to 37.5% 
• CT600L updates 
• CT600B updates