PTP Summer 2024 release v24.2.0

Overview

The IRIS PTP Suite Summer release version 24.2. 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
PTP Tax Return

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 
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 
PTP Tax platform has been updated to cater for the change to the dividend NIL rate for 2024/25 from £1000 to £500. 

Class 2 NIC Updates for 2025
PTP Tax platform has been updated to reflect that Self-employed individuals with profits above £12,570 will no longer be required to pay Class 2 NICs. 
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
PTP Tax Platform has been updated to cater for the reduction in the main rate of primary Class 1 National Insurance contributions from 10% to 8% from 6 April 2024.  

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
PTP platform has been updated to incorporate the High-income child benefit charges update to the threshold which has increased from £50,000 to £60,000 for 2024/25 onwards 

Tax Legislation and annual updates:  

• Updated dividend database to reflect the latest dividend declaration.
• Updates to the latest version of the CT600 – updated to the latest CT taxonomy.