PTP Summer 2023 release v23.2

Overview

The IRIS PTP Suite Summer release version 23.2.0 includes all legislative updates to ensure your ongoing compliance including; the latest Academy Account formats, updates to the Assurance report and the newest rates for R&D and creative tax credits.

PTP Accounts Production

Academies Accounts Direction 2022 to 2023

Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2022 to 2023 for accounting periods to 31 August 2023.

IRIS Kashflow API update

As part of our pledge in providing you with industry standard API technology, in this release we have update to the latest Application Program Interface (API) supplied by KashFlow.

Assurance Report Update Tech09/13 AAF (revised)

Following a revision to ICAEW’s Tech09/13 AAF, Assurance Review Engagements on Historical Financial Statements, when selecting an Assurance report, we have made the following changes to Data Screens and corresponding standard layouts and wording for the equivalent report outputs.

The changes will be reflected on Limited Companies, Limited Liability Partnerships, Groups and all accounting standards that allow for an assurance report.

PTP Tax Return

Tax Legislation and annual Updates:

• Updated dividend database to reflect the latest dividend declaration.
• Updated the latest R40 for tax year 2023

PTP CT Platform

SME R&D – Intensive tax credits

The government announced that the tax credit rate for SME R&D claims would reduce from 14.5% to 10%, however in addition to this the government announced a new SME tax credit for ‘R&D Intensive’ companies; companies whose qualifying expenditure is 40% or more will be allowed to claim an SME tax credit at an uplifted rate of 14.5%.

We have updated the R&D functionality to allow you to easily identify a company as an R&D intensive company and subsequently have the software automatically calculate the corresponding SME R&D claim at the uplifted 14.5%, without any additional manual calculations. This will then automatically map to the CT600 and supporting documents.

Creative tax credit higher rate extension

The government announced a temporary extension to the rate rises of Theatre tax relief, Orchestra tax relief and Museums & galleries exhibition tax relief for 2 additional years. The government originally intended for these increased tax rates to taper down from the 1st April 2023 however, this has now been extended to the 1st April 2025.

Current tax credit rates from 1st April 2023:

• Theatre (Non-Touring/Touring) – 45%/50%
• Orchestra – 50%
• Museum & Galleries (Non-Touring/Touring) – 45%/50%

All Tax

Tax Legislation and annual Updates:

• Updates to the latest version of the CT600  
• Updated to the latest CT taxonomy