Weekly Bulletin No. 795
Week Commencing Monday 4th November
- Marketplace Availability - 7th November
- Catalogue Removed - Eurogentec Ltd
- Use of the Medical Exemption Tax code on orders
- Fisher Scientific UK Limited and Medical Exemption
- Cambridge University Endowment Fund
- Training - PCI Update
- Webinar - Welcome to Key Travel
- User Log In Error
Marketplace Availability - Thursday 7th November
Please be advised of an upcoming period of maintenance scheduled to take place on the Marketplace on Thursday 7th November 2019 from 18:30 to 20:30
We apologise for any inconvenience this may cause.
Issued by Heather Twinn - eProcurement Administrator
Catalogue Removed - Eurogentec Ltd
EUROGENTEC LTD have removed their catalogue from the Marketplace
Issued by Heather Twinn - eProcurement Administrator
Use of the Medical Exemption Tax code on orders
HMRC are reviewing the use of “Medical Exemption” to purchase certain items VAT free (zero rated). When orders include any items tagged as Medically Exempt (i.e. have the tax code ME0% attributed) CUFS automatically generates a certificate for the supplier which will allow them to not charge VAT to us on those items. However, it is our responsibility to ensure that this certificate is only issued for valid items that meet one of the specific criteria below and which are being used for one of the qualifying purposes.
|
Relevant goods …. |
For use in |
|
medical/ veterinary research; or medical/veterinary training; or medical /veterinary diagnosis; or medical/veterinary treatment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
And/or |
|
|
medical/veterinary research |
|
medical/veterinary care, treatment or research |
We appreciate that trying to establish whether a particular item meets one of the criteria above can be a challenge and more guidance and examples of items that may or may not qualify for medical exemption are available in the VAT & Other Taxes chapter of the Financial Procedures Manual. Alternatively, if you are in any doubt then please contact our VAT Team – vatqueries@admin.cam.ac.uk- who will be happy to clarify.
Issued by Karen Sheldon - Finance Training
Fisher Scientific UK Limited and Medical Exemption
From the 24th November 2019, Fisher Scientific UK Limited (Fisher), one of our eInvoicing suppliers, is implementing a new IT system to automate controls over their application of Medical Exemption (zero rate VAT) to items, on its invoices. Any items that have been ordered using the tax code ME0% which do not meet the criteria laid out above will automatically have the standard rate of VAT charged on Fisher’s invoice. Therefore, Fisher’s invoice may include a mix of rates : zero rate of VAT charged on eligible items and standard rate of VAT charged on non-eligible items. Any such eInvoices are likely to go on hold when transmitted back to the University through Advance (formaly known as Science Warehouse) as they will not match the original purchase order.
Fisher are also reviewing our use of ME0% on orders since the 1st August 2019. If they discover items have been incorrectly ordered as Medically Exempt they will manually credit their original invoice and issue manual replacement invoices that include the VAT for those items. We are planning to manage these adjustments centrally therefore if you receive any such credit notes or replacement invoices please contact the AP Helpdesk UFS_AP@admin.cam.ac.uk
Issued by Karen Sheldon - Finance Training
Cambridge University Endowment Fund
Cambridge University Endowment Fund – Notification of Revaluation & Purchases & Sales
Revaluation as at 30 September 2019
Please note that the Cambridge University Endowment Fund has been revalued as at 30 September 2019.
CUFS has been updated to reflect the new valuation in the October 2019 accounting period. The new Unit value is £59.57 (rounded). The unit value at the end of the previous quarter was £58.46 (rounded) which represents an increase in value of 1.90%.
Purchases & Sales
Unit purchases and sales as at 30 September 2019 will also be processed within the CUFS October 2019 accounting period. Contract Notes for purchases & sales will be despatched in due course.
Next Quarter
Could all non-Trust Fund purchase and sale request be sent to treasury@admin.cam.ac.uk. All Trust Fund requests should be sent to UFS_TF@admin.cam.ac.uk.
The deadline for the requests to be received is the 12th December 2019.
Queries
Any queries should be addressed to: Scott Maclaren Treasury & Investments Finance Division Ext 64216
Issued by Scott Maclaren - Treasury & Investments
PCI Update
This short (30 – 45 minutes) online course which is mandatory for anyone involved in processing card payments from customers has been updated to reflect recent changes in the industry. The course provide users with the information they need to process card receipts securely and in accordance with the PCI Security Standards. The University requires that this course is repeated annually.
Issued by Helen Bailey - Finance Training
Webinar
Reminder that the Welcome to Key Travel webinar is running on Wednesday 13th November. This one hour webinar aims to assist anyone involved in University travel bookings
Issued by Christine Rogerson - Finance Training
User Log In Error
The Helpdesk are often contacted regarding the error message below received when attempting to log in to CUFS. Users often think this is because the password is incorrect when it is actually a caching issue. Users are advised to clear their browser and Java cache.
"You are trying to access a page that is no longer active.
The referring page may have come from a previous session. Please select Home to proceed"
If the problem persists please contact UFS_enquiries
Monthly Accounting Timetable
To view the status of the monthly process including the month end close dates please use the following link: Accounting Timetable
- Click here for Bulletin archives
- If you would like to receive the bulletin email please send your details to this address