Tax computation: For accounting periods that do not coincide with the tax year, the denominator used to calculate the pro-rated upper limit for marginal relief for the tax year 2023/24, has been corrected to 366 days from 365. The change applies to new accounts workbooks generated in the software.
This is only relevant for tax years where both the corporation tax rate has changed and the tax year spans a leap year, i.e. the tax year 2023/24.
The change applies to new accounts workbooks generated in the software. If you are using an accounts workbook created in an older version of VT, create a new workbook and use the VT Final Accounts > Edit > Copy Accounts Data command to copy the data from the older workbook, and the VT Final Accounts > Edit > Paste Accounts Data command to paste the data to the new workbook.
The tax computation in VT accounts workbooks has been updated to reflect the new main rate of corporation tax of 25%, the small profits rate of 19% and calculation of marginal relief. This is effective from the tax year commencing 1 April 2023. The change applies to new accounts workbooks generated in the software. If you are using an accounts workbook created in an older version of VT, create a new workbook and use the VT Final Accounts > Edit > Copy Accounts Data command to copy the data from the older workbook, and the VT Final Accounts > Edit > Paste Accounts Data command to paste the data to the new workbook.
The iXBRL corporation tax taxonomy has been updated to the 2023 version.
These programs remain the
same as the previous release.
A glitch which caused a VAT refund figure on the submission receipt to display incorrectly has been fixed. This fix also applies retrospectively for all affected submission receipts.
The VT Final Accounts program remains the same as the previous release.
A fault on the Universal Input Sheet which prevented direct pasting of rows has been fixed.
The VT Final Accounts program remains the same as the previous release.
A fault that on rare occassions caused the age analysis report to crash has been fixed.
Previously, it was not possible to correctly import some types of CSV file into the Universal Input Sheet. This has now been resolved.
The VT Final Accounts program remains the same as the previous release.
The XBRL taxonomies have been updated. The old taxonomies are not valid for periods ending after 31 March 2022. Please note that this is a software change only and applies automatically to all old workbooks and templates.
The audit reports have been updated in accordance with the FRC Bulletin Illustrative auditor’s reports on United Kingdom private sector financial statements (August 2021).
The scroll bars have been replaced with a version with no 3D effects. This also resolves an issue that a very small number of users were experiencing after a Windows update with disappearing scroll bars.
A glitch in the formatting of the VAT return for periods commencing on or after 1 January 2021 has been fixed.
Technical changes have been made to the data that helps enable HMRC detect fraudulent submissions and re-claims. It is a legal requirement to send this data (known as the anti-fraud headers) in the correct format. It is a legal requirement, therefore, to install this update.
Parts of the software that used old Excel features have been re-written. Many features, including the New Accounts Workbook dialog and all of VT Data Export, were not otherwise working. This arose after a Windows update. The templates are not affected.
Only the export of data via the clipboard is now supported.
The appearance of all the screens has been harmonised.
A bug that prevented workbooks saved on Onedrive importing balances from VT Transaction+ has been fixed.
All screen and font sizes have been increased by up to 25% and 3D effects removed. There is no change in layout or functionality.
A bug that sometimes caused VT Transaction+ to crash when copying and pasting from Excel to the Universal Input Sheet has been fixed.
The information pane at the bottom of the accounts window is now hidden by default. To display it, click on the light bulb button at the bottom of the accounts window.
The wording on the VAT return has been updated in accordance with HMRC guidelines for periods commencing on or after 1 January 2021. Earlier returns retain the old wording.
The audit reports have been updated in accordance with the FRC Bulletin Illustrative auditor’s reports on United Kingdom private sector financial statements (March 2020). The changes apply to accounting periods commencing on or after 15 December 2019. Please note that the old audit reports are no longer contained within the package.
The Copy Comparatives From Current Year command now copies the Average number of employees.
Telephone and fax has been changed to Telephone and internet.
A VAT return for a period of one day can now be submitted. This required a workaround to avoid a limitation in HMRC's systems.
For transactions dated on or after 1 January 2021, the EU VAT options are only available if Business is situated in Northern Ireland or the EU is ticked on the Set Up>VAT tab.
A fault that caused the CompanyIsAPartnerInAFirm tag to be omitted from the iXBRL corporation tax computation when using the latest taxonomy has been corrected. The templates are unaffected.
The iXBRL corporation tax taxonomy has been updated to the 2020 version. This can be used for periods commencing on or after 1 April 2015. The templates are unaffected.
The old UK GAAP templates have been removed.
The Average number of employees note was not tagged. This has been corrected. This is important as Companies House are making this tag mandatory from 13 July 2020. In old workbooks, this note can be very easily tagged by clicking on the Set Tag (Easy) button on the VT toolbar in Excel (provided the current version is installed).
AutoHide has been removed from the Average number of employees note. VT have been advised by Companies House that the average number of employees must be disclosed even when zero. In old workbooks, if necessary, this can be achieved by selecting the note and choosing the VT Final Accounts>AutoHide>Remove All Areas From Region command.
The normal iXBRL convention is that nil numbers and amounts are not tagged. However, this has been overridden for the average number of employees tag (as this tag is mandatory even when zero).
The XBRL taxonomies have been updated to the latest versions. The old taxonomies are not valid for periods ending after 31 March 2021. Please note that this is a software change and applies automatically to all old templates.
The main data entry dialogs have been modified so that an analysis entry can now be made to a VAT input or output account. This facilitates the correct entry of transactions subject to domestic reverse charge VAT. For further guidance please click here.
Technical changes have been made to the data that helps enable HMRC detect fraudulent submissions and re-claims. It is a legal requirement to send this data (known as the anti-fraud headers) in the correct format. It is a legal requirement, therefore, to install this update.
A Print button has been added to the VAT return submission receipt.
Grant Authority dialog. Some of the wording has been made clearer on the Grant Authority dialog.
A bug that prevented non-zero amounts less than £1 being submitted has been fixed.
In the Specify VAT Return Cells dialog, buttons have been added to clear all references and to change all references to another sheet.
The corporation tax rate for periods commencing on or after 1 April 2020 has been changed from 17% to 19% (in anticipation of the March 2020 budget and as indicated in the Conservative manifesto).
The XBRL taxonomies have been updated. The old taxonomies are not valid for periods ending after 31 March 2022. Please note that this is a software change only and applies automatically to all old workbooks and templates VT Final Accounts templates. The audit reports have been updated in accordance with the FRC Bulletin Illustrative auditor’s reports on United Kingdom private sector financial statements (August 2021).
Audit report: Bannerman clause moved to end of audit report in accordance with ICAEW Technical Release 01/03AAF (Revised).
