With the recent reduction of UK VAT to 15%, and with the Chancellor not offering a great deal of notice before the change took effect, Qube Global Software has had to react quickly to ensure that their customers can continue to manage their property effectively.
The new VAT rate is expected to be in place for the next 13 months from the 1st December 2008. Therefore it was essential that any changes made to Qube Global Software’s products could be easily reversed when the standard rate comes back into force.
The solutions and how the teams reacted fast
Horizon is a web developed property, accounting and asset management solution for investors and occupiers. Horizon has the standard functionality to deal with changes in the VAT rate and customers were easily able to update the system to reflect these changes. How to do this was communicated to customers within a few days of the announcement with the Horizon support team on hand to assist customers should they require it.
Qube is a comprehensive and powerful property database, rental management and accounting tool. Software Director for the Qube product, John Barrow, had a system update ready and waiting for the Chancellor to make his announcement. All customers were notified of the routine the following day and they were quick to take up the offer of help.
A satisfied customer base
Qube Global Software customers were pleased with the way that the reduction in VAT was handled as highlighted by the comments below:
“Threadneedle required Qube Global Software to produce scripts to update regular charges for its 4,500 leases on Horizon. They produced these scripts promptly and they were successfully passed through Threadneedle’s change control environments within a week” Simon Peacey, Systems & Oversight Manager, Threadneedle
“Right now we are working through VAT – I was really impressed to see that Qube was geared up so quickly – not the case in a lot of other places I am sure.” Janet Whiting, Central Accounting Services Manager, Grosvenor
“Could I just send all the Qube support staff and programmers a big thank you for making the changeover in VAT rates such a straightforward operation. Everything went without a problem and took very little time.” Steve Davis, Financial Controller, Duchy of Lancaster
“As Qube Global Software looked into the impact of the Chancellor’s ‘VAT Announcement’, it was clear that this was not the simple change he had no doubt envisaged. In tandem with our customers we had to look at the detailed implications of the reduction in VAT in Horizon within a very short timeframe. We would like to thank a number of our customers for their very useful input in deciphering the HMRC guidelines and for reviewing our recommendations, notably Craig Martin (Scottish Widows), Graeme Lambert (Canada Life), Simon Peacey (Threadneedle) and Ray Wright (South Kensington Estates). Within a few days instructions of how to deal with the change in VAT were issued to all Horizon customers and where necessary we provided further assistance to help customers implement this change” Jane Addey, Operations Director, Qube Global Software
“There had been rumours of a rate change circulating in the media for some days and we knew that, if true, there would be a dramatic impact for the property industry. Qube Global Software customers expect the highest standards from us and it is swift action like this from Qube that helps them stay one step ahead of their competition.” John Barrow, Software Director, Qube Global Software
If you would like to find out more about any of Qube Global Software’s products and the benefits they could bring to your business, we are running a series of webinars over the coming months on various aspects of our property and facilities management software. Click here to find out more and register.