PTP Summer 2024 Full Features v24.2.0
Overview
The IRIS PTP Suite Summer release version 24.2.113 includes updates to the Academy Account formats, including the new conclusion section to the Governance statements and updates to the FRC 2023 taxonomy. The Summer release also includes updates to reflect the Class 2 NIC updates for 2025 and Class 4 and 1 reduction for 2024/25.
PTP Accounts Production
Academies Accounts Direction 2023 to 2024
Updates have been made to Academy Account formats, to accommodate the recently released Academies Accounts Direction 2023 to 2024 for accounting periods to 31 August 2024. These include the introduction of a new conclusion section to the Governance statement.
An update to the Staff costs and employee benefits note to allow for separate disclosure of ‘Other employee benefits’ this can be disclosed by using a new chart code (498).
Finally in update to the Pensions and other obligations note, we have adopted new standard wording around the Valuation of the Teachers’ Pension Scheme. This continues our commitment to bringing the latest compliance.
FRC 2023 Taxonomy
We have applied the latest Taxonomy issued by the FRC and HMRC for 2023. This will give qualifying accounts formats access to the most current iXBRL tagging to support electronic filing requirements for both Companies House and HMRC.
PTP Tax Platform (Tax Return)
Change to the VAT registration threshold for 2024/25
On 1st April 2024, the VAT registration threshold rose from £85,000 to £90,000. The VAT threshold is measured on the turnover of the previous 12 months, which is the total amount of revenue generated by your business that is not exempt from VAT.
This means that businesses with taxable turnover less than £90,000 are not required to register for VAT. All businesses above this threshold are legally required to become VAT registered.
PTP Tax platform has been updated to cater for the VAT registration threshold which has increased from £85,000 to £90,000 from 06/04/2024.
Change to the dividend NIL rate band for 2024/25
The dividend allowance for the 2024/25 tax year is being reduced from £1000 to £500, which means you may need to pay tax on a larger portion of your dividends.
This means that you won’t have to pay tax or inform HMRC if your dividends are within this allowance. This new dividend allowance is lower than the tax-free allowance that was available for dividends in the previous tax year, 2023/24. PTP Tax platform has been updated to cater for this change.
Class 2 NIC Updates for 2025
In the Autumn statement the chancellor announced that from 6th April 2024, self-employed people with profits above £12,570 will no longer be required to pay Class 2 NICs, but will continue to receive access to contributory benefits including the State Pension. The PTP Tax platform has been updated to reflect this.
Self-employed individuals with profits under £6,725 and others who pay Class 2 NICs voluntarily to get access to contributory benefits will continue to be able to do so. The weekly rate they pay will be frozen at £3.45 for 2024-25 (£4.10 for share fishermen). The Small Profits Threshold has been frozen at £6,725
Class 4 and class 1 NIC reduction for 2024/25
In the Autumn statement the chancellor announced that from 6th April 2024,the main rate of primary Class 1 National Insurance contributions will be reduced from 10% to 8%.
In addition, the main rate of Class 4 National Insurance contributions is reduced by 2 percentage points from 8% to 6% from 6 April 2024. This is in addition to the previously announced reduction in the main rate of Class 4 National Insurance contributions from 9% to 8%, and means that from 6 April 2024 the main rate will reduce from 9% to 6%
High income child benefit charges update
High Income child benefit is paid when an individual or their partner receive child benefit and either of them have earnings are above the threshold. The threshold was previously set as £50,000. PTP platform has been updated to incorporate the High-income child benefit charges increase to the threshold from £50,000 to £60,000 for 2024/25 onwards.
Tax Legislation and annual updates:
- Updated dividend database to reflect the latest dividend declaration.
PTP CT Platform
- Updates to the latest version of the CT600
- Updated to the latest CT taxonomy
