PTP Summer 2022 release v22.2
Overview
Our PTP Suite Summer release version 22.2 includes all legislative updates to ensure your ongoing compliance, including the latest R185, return of marginal relief for Corporation Tax, an increase in rates for creative tax credits and updates to the Academy Account formats.
PTP Accounts Production
2018 Taxonomy Retirement 1st August 2022
Following the recent retirement of the 2018 Taxonomy the software will automatically apply the latest Taxonomy to unfinalised sets of accounts irrespective of accounting periods. After installation if you do encounter any rejections citing the 2018 Taxonomy, please unfinalise and regenerate the iXBRL accounts and the accounts should then be accepted.
Academies Accounts Direction 2021 to 2022
General Update
Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2021 to 2022 for accounting periods to 31 August 2022 with particular attention to the following areas:
- Governance Statement Update – Conflicts of Interest
- Statement on Regularity, Priority and Compliance
- SOFA – Charitable Activity, Teaching School Hub
- Related Party Transactions – Trustees’ remuneration and expenses
Accountants Report – new variant
Following this request by a group of customers we have introduce a new variant of the Accountants’ report removing any specific reference a particular accountancy body. This report can be enabled from the data screens for Accountants’ Report and is available for Limited Company / Partnership and Sole Trade formats.
PTP Tax Platform
Tax Legislation and annual updates:
- Updated Dividends databases
- Updated Specials & Exclusions
- Update R185 forms
PTP CT Platform
Creative Tax Credit
The government has announced that they intend to increase the rates of cultural reliefs for the next two years for periods starting on or after 27th October 2021, with rates for 2023 to 2024 returning to the current 2021/22 levels.
We have updated the CT Platform to ensure that all the latest rates are reflected, regardless of the accounting period, the software will recognise where the periods straddle a change of rate.
Creative tax credit claims will continue to be a feature which is as simple as before while trying to navigate the fluctuating rate changes of the tax credits through the following 3 years.
Marginal Relief
The Reintroduction of Marginal Relief from 2023 for the period starting on or after the 1st April 2023.
It was announced that from 1st April 2023 the main rate will be increased to 25% for profits over £250,000, along with the introduction of a small profits rate of 19% for companies with profits less than £50,000. With this range of CT rates, we then see the re-emergence of marginal relief for companies with profits between £50,000 and £250,000.
To cater for this, we have updated the CT Platform for limited companies to calculate profits and automatically apply marginal relief where applicable.
Although marginal relief may be back, the administrative burden of calculating the corporation tax of a limited company remains as simple as before.
IRIS Core
TLS update
With the summer release, we are enabling the changes we mentioned in the April release for the OLEDB Driver. This will move IRIS off from using TLS versions 1.0 and 1.1 onto solely using version 1.2, improving the overall security of the product.
