PTP Spring 2022 release 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 (v22.1.628)

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 to include a new appropriate accounting policy for Classification of share of profits in the cashflow statement. 
• Permit disclosure of Members’ share of profits within the Cash Flow Statement. 
• Permit the disclosure of Members’ Drawings on account and Distributions of profit, within the Reconciliation of Members’ Interest statement. 
• The term ‘unallocated profit’ has been updated to now be referred to as ‘undivided profit’. 

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 Carbon 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 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 which will allow you to amend the default wording in both the heading and detailed texted within.  

Fixed Asset Investments 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.  As part of 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

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

• The first relates to the non-statutory income statement summaries report title which is now customisable as and when required. 
• The second revision relates the Statements of Cashflows and the ability to now edit the description of the ‘Tax paid’ narrative within the report.
• The third revision now allows a format 1 Statement of Financial Position.  
• Finally, we have included an accounting policy for cash and cash equivalents.  

These marginal gains are aimed at improving report customisation. 

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 (v22.1.263)

Tax legislation and annual updates

• Updated Dividends databases 
•  Updates to SA100, SA800, SA900, R40 and CT600 forms  
•  All the updated reports, calculations and rates for the 2021/22 tax year 
• Updates to Capital Allowances 

PTP CT Platform (v22.1.263)

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 made changes to the following CT600 forms in line with HMRC changes: 

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