Weekly Bulletin No. 853
Tuesday 9th March
Temporary reduced rate of VAT for hospitality (food and soft drinks), holiday accommodation and attractions
The Chancellor announced at Budget 2021 that the temporary 5% reduced rate of VAT for certain supplies of hospitality, holiday accommodation and admissions to certain attractions will be extended until 30 September 2021. From 1 October 2021 the reduced rate for these supplies will be replaced by a new reduced rate of VAT of 12.5% which will remain in effect until 31 March 2022.
This impacts supplies that the University makes of food and drink as well as entry to the Botanic Garden. The VAT team will be in touch with those it knows are affected by the 5% rate later over the coming months to plan the changes needed to systems to accommodate the new 12.5% rate.
If you think this may affect your activities, please do contact us on vatqueries@admin.cam.ac.uk
Issued by Angela Fearnside - Tax Team
VAT on construction services – the new domestic reverse charge
With effect from the 1 March 2021 the new Domestic Reverse VAT Charge for Building and Construction Services came into force. This requires the customer rather than the supplier to account for the VAT due on certain construction services. However, this reverse charge is not applicable to supplies made to the University of Cambridge and any VAT due on construction services supplied to us should continue to be charged to us in the normal way by the supplier.
You may be asked to confirm whether the University has ‘end user’ status. Please refer these requests to vatqueries@admin.cam.ac.uk where we can provide a standard response to deal with the University’s charitable status
Issued by Karen Sheldon - Training Team
Financial Users Group (FUG) - Friday 19th March
The next Financial Users Group will take place at 10am on Friday 19th March via Microsoft Teams.
The link to join the meeting is available from the Financial Users Group webpage and in the agenda on the FUG Papers page.
Recordings and minutes from previous meetings are also available from the FUG Papers page.
Issued by Michelle Bond - Head of Financial Systems
Supplier database guidance
We are in the process of reviewing the guidance and help documents that we have available for the supplier database and would welcome feedback on how the current guidance is working for people. If you use the supplier database it would be very helpful if you could complete this very short questionnaire so that we can make sure the support is covering the right areas and is presented in the most accessible way.
Issued by Helen Parker - Finance Training
Deposit Account – Interest Payment & Emailed Enforced Movement Letters
Deposit Account
Please note Deposit Account interest has been credited for February 2021 in CUFS
Enforced Movements
As part of monthly monitoring the Treasury & Investments team have carried out deposit movements to correct debit balances on Sources of Funds. Affected departments will receive documentation indicating which accounts have been adjusted.
Emailed Enforced Movement Letters
Departments will now receive enforced movement letters via email. If these are being received by the incorrect contact or you have not received a notification you were expecting, please contact Treasury & Investments.
March 2021 Deposit Account Interest
Please ensure deposit movements for March 2021 have been processed by the close of 6th April 2021, and that overdrawn accounts have had funds taken off deposit by this time to avoid delays in crediting March’s Interest.
Queries
Any queries should be addressed to Treasury & Investments treasury@admin.cam.ac.uk Ext 64216
Issued by Scott Maclaren - Treasury & Investments
Forthcoming course (via Teams)
Grants 2: Cognos Reports, Tue 23 and Wed 24 Mar
Following on from Intro to Cognos, this course takes a focussed look at the Grants reports on offer in Cognos. Learn how to manipulate the two “new” consolidated reports to produce your own desired output. Over the two sessions, reporting is viewed from three different perspectives: summary financial information, detailed expenditure analysis and management reports for grants due to close.
If you missed the Intro to Cognos course, you can catch up by completing the online version.
Issued by Christine Rogerson - Finance Training
Supplier Database - Browsers
We would like to remind users that the Supplier Database no longer works with Internet Explorer.
Issued by Paul Humphreys - Functional Analyst
To view the status of the monthly process including the month end close dates please use the following link: Accounting Timetable
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