PTP Spring 2024 release v24.1.0
Overview
The IRIS PTP Suite Spring release version 24.1.0 includes all legislative updates to ensure your ongoing compliance, plus some enhancements based upon your feedback, including a new report layout for Doctors accounts, a data screen option to allow ‘cash and cash equivalents’ for FRS 101 and 102, updates to cater for the change in basis periods.
PTP Accounts Production
PTP Tax Return
PTP CT Return
PTP Tax Platform
PTP Tax Expense
All Tax
PTP Accounts Production
Update to Doctors Accounts
A new alternative report layout based on the AISMA example accounts is available for the EMED chart. This is selectable via an option in a data screen. For consistency and to create accurate accounts with comparatives, a duplicate posting entry must be created for last year and amendments must be made utilising the new account codes.
To accommodate this alternative layout:
- new account codes and groups for the have been introduced
- several new accounting policies have been added
- new notes are included: Share of net medical income; Statistics; Drawings
LLP SORP 2024
In the Report of the Members, the Potential Impact of the Euro data screen has been repurposed for freeform use. No further changes were required.
Guernsey Accounts
When Guernsey is selected as the country of legislation, the Statement as to disclosure of information to auditors will now appear by default in the directors’ report.
Cash and cash equivalents – for FRS 101 and FRS 102
A new option has been included to select reference to ‘Cash and cash equivalents’ for FRS 101 and FRS 102. A data screen option has been added to allow the term ‘Cash and cash equivalents’ to show in reports where otherwise ‘Cash at Bank/Cash in Hand/Cash at Bank and in Hand’ would appear.
Other comprehensive income – Statement of Changes in Equity
Changes in the wording from ‘Other comprehensive income’ in the Statement of Changes in Equity to ‘Other comprehensive income/(loss)’ allows for more flexibility and caters for both positive and negative amounts.
FRS101/FRS102 – New Reduced Disclosure Requirements
New reduced disclosure exemptions introduced by the FRC in July 2023 are reflected in the data screens and in reporting.
PTP Tax Return
Legislation updates
The foreign dividend threshold has been updated to £2000 for Box 6 of the SA100 tax return.
The threshold for Maintenance payments has been updated to £4010 for Box 7 on the SA101-Additional Information supplement.
HMRC have added the ability to highlight any Pre-Incorporation losses separately. A new box 6.1 has been added for the SA101-Additional Information supplementary page to cater for this.
Basis Period Reform
From 2024 onwards, the basis period reform means that self-employed individuals, partners in partnerships and trusts will pay income tax on any income they have received based on the tax year as opposed to the accounting period. These changes come into place for the 2024/25 tax year, with transitional rules applying in the 2023/24 tax year.
Our software has been updated to reflect the changes and additional boxes have been added have been added to cater for this in the below:
- SA104-Self Assessment-Partnership full 16.1-16.4
- SA901-Self Assessment Trust and Estate Trade 1.84A-1.84D
- SA902 Self Assessment Trust and Estate Partnership 2.14A-2.14D
PTP CT Platform
Legislation updates
In addition to the Energy (Oil and Gas) Profits levy first introduced in 2022, The Electricity Generator Levy (EGL) exceptional generation receipts attributable to the undertaking for the qualifying period has been added to the Energy levies section-Page 5-Box 987. Furthermore, a new box has been added for EGL Payable to enter the amount of Electricity Generator Levy due-Page 6-Box 502.
In the 2023 Autumn statement, it was announced that the Capital allowances Full expensing end date will be removed – which offers 100% first-year relief to companies on qualifying new main rate plant and machinery investments.
As a result, the PTP CT platform has been updated to introduce dedicated boxes to complete the amount of full expensing claim and balancing charges which have been included in the calculation of trading profits and non-trading profits. Boxes 688 689. 733 and 734 have been added to cater for these.
PTP Tax Platform – Trusts
The annual exempt amount for Capital Gains 2023-24 has been updated to £3000 as the tax-free allowance and £6000 for the tax-free allowance if the beneficiary is vulnerable. The 2024-25 has been updated to £1500 and £3000.
PTP Tax Expense
Tax Expense has been updated for the increase in the fuel benefit charge for vans available for private use from £688 to £757.
All Tax
Tax legislation and annual updates:
- updated Dividends databases
- updates to SA100, SA800, SA900, CT600, SA700 and R185 forms
- all the updated reports, calculations and rates for the 2023/24 tax year
- updates to Capital Allowances
