Upgrade notes Version 2020.25

This Alto release went live on 10th December.

This article includes: 

Property Management Feature Improvements

New HSBC import receipts file format

Property Management users now have the option to import receipts from HSBC export files in the following format. There are a number of HSBC export file formats, therefore we have named this one ‘HSBC 3’.

Field Column
Debit amount 20
Credit amount 20
Date 18
Payment Type 21
Description 19
Note: The first payment row in the file is row 2

 

Property Management Issues Resolved

Overseas Landlords - pending tax credits

Tax is retained by agents when a landlord lives abroad. If the overseas landlord obtains a tax exemption certificate or returns to the UK, an end date is added to the current tax period to stop further tax being retained. When updating the tax period, pending tax credits are now removed to prevent tax credits being created and paid to the landlord in the future when they may not be due.

mceclip0.png

Alongside this deployment, pending tax credits will be deleted for landlords where NRL tax is no longer retained.

What is a pending tax credit?

Alto creates a pending tax credit when a payment is made on behalf of an overseas landlord without an exemption certificate, when a tax credit cannot be applied for the full amount of the credit due.
This can occur as part of one of the following routines:

    • Supplier payment
    • Process Agency Fees
    • Reverse receipt
    • Refund landlord income e.g. rent, to a tenant or tenancy
  • When income is receipted for the landlord and a tax charge is created, tax credits are raised in place of the pending tax credits
  • When a quarterly payment or NRL tax is made to HMRC, tax credits are raised in place of the pending tax credits to claw tax back from HMRC
  • Pending tax credits cannot be seen in the Alto UI

Issues Resolved

Landlord Period Statement - Ability to amend letter and stationery template

When making a change to the Letter Template or the Stationery template for the Landlord Period Statement, an error was appearing on Save. This has been resolved.

Was this article helpful?
0 out of 0 found this helpful