Insurance Premium Tax Rate Increase

Please note: This only affects you if you are an insured remover!

Update 0.0.0.1524 of Move Administer, which contains the magical IPT rate increase process, is now available.

You will need to update your IPT rate from 6% to 9.5% prior to you performing your November invoicing run (so if you are behind with your storage invoicing you must catch up before doing this), and it is advised that this is done as close to November 1^st as you can. It is also advised that this is done on your Server as it will execute much quicker. Should you want us to perform this, either inside or outside of office hours, then please do not hesitate to contact us, we have put aside time on Sunday November 1^st and are available most evenings between now and then.

Should you want to start quoting IPT at 9.5% then I would suggest that you create a new IPT Tax code (Tools -> Options -> Accounting -> Tax Codes) to use in the interim, which after November 1^st you can mark as deleted. If after November 1^st you need to charge IPT at 6% then again I would advise that you create a new IPT Tax code to again use in the interim.

You can increase your current default IPT rate to 9.5%, however, please bear in mind that any new quotations, storage or self storage will contain IPT at 9.5% and if the removal or storage takes place before November 1^st then IPT is at 6% – You have been warned!

Our prior announcement concerning the Insurance Premium Tax Change can be found here.

Instructions

To update your Services, unaccepted Quotations, unaccepted Quotation Services, current Storage and current Self Storage please follow the steps below, religiously:

1. Have everyone exit Move Administer, so you are the only user logged in
2. Change the IPT Rate for your default IPT Code (Tools -> Options -> Accounting -> Tax Codes)
3. Run the IPT Rate Adjustments (Tools -> VAT/IPT Rate Adjustments)
4. Once complete, everyone can log back into Move Administer

Please note: If you have storage clients invoiced in arrears then please ensure that once you have done your invoicing run for November that you run the instructions above once again, ignoring line 2, to increase the IPT rate for those invoiced in arrears – It is vital you do this!