We are delighted to announce the release of our summer 2017 versions of our software for accountants. You can get started straight away by referring to the links in the article below:
Download the Software
If you already have Keytime Accountants' Suite download the update from the link below. If you are looking for a full installation of the Keytime Accountants' Suite, please see our Getting Started article here
Running the Update
Ensure that you have taken a recent backup of your Keytime data prior to running the update. Instructions on how to back up can be found at http://support.keytime.co.uk/forums/97419/entries/90415-backing-up-your-keytime-data
- Close all Keytime software
- Download the update choosing Run (or Save if you wish to store the file in the network location to update other computers in your office)
- Run the update and follow the on-screen prompts. Click Finish when prompted to close the installer.
- Restart the PC if prompted.
- Run the update on every PC accessing Keytime software (access the update from the network location in step 3 above).
- To check the version number, open any Keytime module and click the Help menu, select About.
What's New in Keytime Accountants' Suite Summer 2017 Release
Company Secretarial - Important Changes for PSCs
Since June 2016 companies have been required to submit details of their persons significant control (PSC) to Companies House. This can be done either via a Confirmation Statement (CS01 or LLCS01), or if an election is made to hold the PSC register at Companies House via forms PSC01-09 (LLPSC01-09 for LLPs).
Just as we've all got to grips with the new requirement, things are changing. The EU Fourth Money Laundering Directive, due to take effect on 26th June 2017 requires the register to be "adequate, accurate and current", which means that PSC information can no longer be submitted with an annual CS01. Instead, from 26th June 2017 all PSCs and changes to PSC records must be reported to Companies House within 14 days of the register being updated, bringing the filing requirements more into line with those of company officers.
Confirmation statements must still be filed, but from the 26th June these can no longer be used to update PSC information, this includes any PSC changes made before the 26th but not yet filed. To ensure compliance with the 14 day filing rule, we strongly advise reviewing all company records and outstanding changes on PSC records then filing appropriate forms rather than waiting until the next confirmation statement is due. To assist in this process, when a company record is opened you will be presented with a comparison between the data held in your software and the data on record at Companies House. You can either update your record or file an appropriate form at Companies House to update the public register with the changes.
FRS 105 now available for LLPs - you can now produce and file FRS 105 accounts for LLPs.
Community Interest Companies (CICs) now available - Community interest companies can either be a company limited by shares, or more commonly a company limited by guarantee. Existing sets of limited company accounts can be converted to a CIC in addition to the option being available to any new sets of accounts created. The CIC option can be found in Maintain / Company:
Form CIC34 can be found in Notes:
We've also added an option to state profit and/or loss as surplus and/or deficit. Go to Report Formatting / Display Profit/Loss.
HMRC have issued new pages for the CT600 and CT600C in order to support the reform of loss relief. Losses arising from 1 April 2017 when carried forward have greater flexibility and can be set against total taxable profits of a company and its group members. Changes to the Losses data entry screen were made available in our April release, the new pages are now available to support these changes.
In our April release we informed you that there were 4 specific scenarios in which HMRC had made errors in their 2016/17 tax calculation. At the time of writing, HMRC have confirmed a further 2 scenarios where they have got the calculation wrong, details of these scenarios and what to do about them can be found by clicking here. We have been working to correct the calculation in Personal Tax and as a result the software will block attempts to online file any return containing these scenarios. HMRC require such returns to be submitted on paper.