Insurance Premium Tax Rate Increase

Posted by Colin Wynn on Sep 9, 2016 in Move Administer |

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

Update 0.0.0.1541 of Move Administer, released back in April, contains the magical IPT rate increase process.

You will need to update your IPT rate from 9.5% to 10% prior to you performing your October 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 October 1st 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 Saturday October 1st and Sunday October 2nd and are available most evenings between now and then.

Should you want to start quoting IPT at 10% then I would suggest that you create a new IPT Tax code (Tools -> Options -> Accounting -> Tax Codes) to use in the interim, which after October 1st you can mark as deleted. If after October 1st you need to charge IPT at 9.5% 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 10%, however, please bear in mind that any new quotations, storage or self storage will contain IPT at 10% and if the removal or storage takes place before October 1st then IPT is chargable at 9.5% – You have been warned!

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 October that you run the instructions above once again, ignoring step 2, to increase the IPT rate for those invoiced in arrears – It is vital you do this!

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