Omni Version 14.1 –  Dec 2010

The main changes are:

1.     Full Scheme Report settings – enables the Master user to control the default options for the Full Scheme Report

2.     When running an investment valuation

a.     there is an option to include rent pre-payments which does not override the permament setting.

b.    If there is a partial sale of an investment, the cost price of the units sold can be entered in Investment Transactions so that the investment valuation can adjust the cost.

3.     Scheme return monitoring – enables you to monitor which APSS301s still need to be submitted for a tax year

4.     Invoices – when the ‘Date Paid’ is entered on the Invoice screen, a bank transaction is created, subject to the necessary setting

5.     Tax reclaim – when HMRC repays tax deducted on investment income, interest is added and Omni allocates this between different SIPP members.

6.     Data feeds – values of portfolios downloaded from Skandia and Fidelity can be imported into Omni segregated portfolios – contact Omni if this is of interest.

7.     Syndicate bank transaction categories are filtered to exclude categories that won’t apply to syndicates and include new items for moving funds between a syndicate and the individuals’ SIPPs.

8.     Contribution tax relief reclaims – extra statistics are shown for the HMRC form. The sort code has also been added to the report.

9.     Isolated accounts – bank accounts that can only have transactions with a feeder account can be identified and mirror transactions can be generated automatically.

10.  Entering Investment transactions from bank account – there is a new setting that allows you to enter the investment transaction when a bank transaction is entered. A similar process applies for regular general transactions.

11.  Draft accounts – the fund value can be stored ready for the fund split

12.  Expected rent transactions – the user can specify the comment that is used for each rent transaction.

 

Additional features have been added to the XL Reports module:

·         Administrator analysis – shows the number of schemes for each member of staff

·         Extra columns added to the All Employer Loans report, including number of expected transactions

·         Contribution standing instructions shows all members with regular contributions

·         General standing instructions shows all schemes with regular payments set up

·         Event Report - a list of all transfers to QROPS in a period

·         Scheme return monitoring (APSS301)

·         Invoices issued in a period

·         VAT returns due can be added to the Diary

·         Ex-pensioners – shows all members who have stopped receiving a pension, useful when doing the end of year routines.

·         Match Internal Bank Transfers – to check the data is consistent

·         GAD limit reclaculations – amended to use age 77 for ASP after 21st June 2010 and allows for interim reclaculations needed due to annuity purchase and extra BCEs.

·         Verify pension payments – an integrity check on the subfunds for each pension payment

·         Rent reviews due and rent review progress – tasks can be added to the Worklog

·         2006 Transition Data – a list of all members with protection etc

·         SIPP Annual Statements – if the Worklog is used, tasks can be added to the Worklog and a record is also added to Omni’s Annual Statements screen.

·         Member list – all members with NI numbers, useful if a SIPP list has to be sent to HMRC

·         Scheme list – all schemes with PSTR ref and number of members, useful if a SSAS list has to be sent to HMRC

·         LTA Analysis – a report to help identify members who may be affected by the lifetime allowance reducing to £1.5m

·         Carry forward analysis – indicates the scope for contrutions from April 2011

·         More of the reports have the filter facility for scheme status, service level etc

 

Linking reports to the Worklog and Diary is only possible where you subscribe to the OmniWork module. OmniWork has also been amended so that

·         time cost can be entered automatically for certain work types when the task is marked as finished (Date Out entered).

·         Deadlines – in the worklog the deadline for each item of work is shown and the list can be sorted by the deadline. Deadlines for all existing records can be calculated using the Update buttons on the work types screen.

 

 

Bulk SMPI – a new function is available to produce SMPI for all members at the same date. Contact us if you are interesting in subscribing to the new module.

 

Remember there is a Help Index which provides links to all help files in alphabetical order.

 

These pages provide help on the use of the Omni software but do not provide guidance on the pensions legislation or on the HMRC manual. It assumed that Omni users will know what the legislation and HMRC require them to do.