Nomi product key features update – June 2024

Team Nomi

Jul 01, 2024
6 minutes read

We are excited to introduce the latest updates to Nomi for June! Our team has worked tirelessly to enhance your experience with new features and improvements. From the CT600 C Form for group tax relief to a consolidated settings page and a professional UI for VAT returns, we’ve streamlined processes and boosted security. Payroll updates, including an hour summary report and improved NEST integration, ensure better management of employee data. Plus, our new e-signature feature in Partnership Return simplifies document signing. These enhancements are designed to make your accounting and tax reporting more efficient and user-friendly.

Final Accounts

CT600 C Form

Users can now use the CT600 C Form in Nomi. The CT600 C Form is used in the UK for specific corporate tax reporting purposes, primarily associated with group relief claims and surrender. Here’s a detailed explanation of why the CT600 C Form is used:

• Group Relief for Corporation Tax
  • Claiming Group Relief: The CT600 C Form allows companies within a group to claim group relief, which enables them to offset their profits against the losses of other group companies. This can reduce the overall tax liability of the group.
  • Surrendering Losses: It also facilitates the surrendering of losses from one group company to another. For example, if one company in the group has a loss and another has a profit, the loss can be surrendered to offset the profit, thus reducing the taxable income.
• Simplifying Tax Reporting for Groups
  • Coordinated Reporting: The form helps in coordinating the tax affairs of companies within a group, ensuring that group relief claims and surrenders are accurately reported and documented.
  • Efficient Management: It aids in efficient tax management for large groups of companies by streamlining the process of claiming and surrendering group relief.
• Compliance with HMRC Requirements
  • Mandatory Submission: For companies within a group that are involved in group relief claims or surrenders, the CT600 C Form is a mandatory part of the corporation tax return.
  • Detailed Information: The form provides HMRC with detailed information about the group relief claims and surrenders, which helps in verifying the claims and ensuring compliance with tax regulations.
• Reducing Overall Tax Liability
  • Tax Optimization: By allowing companies to offset profits with losses across the group, the CT600 C Form can significantly reduce the overall corporation tax liability for the group.
  • Strategic Tax Planning: It facilitates strategic tax planning within corporate groups, helping to optimize tax positions and improve financial performance.

In summary, the CT600 C Form is used to manage and report group relief claims and surrenders among companies within a corporate group. It ensures compliance with HMRC requirements, facilitates tax optimization, and provides a clear and detailed record of group relief activities.

Bookkeeping

1. Consolidated Settings and MTD into One Page:
   By consolidating all settings and Making Tax Digital (MTD) functionalities onto a single page, we’ve likely streamlined the user experience. This reduces the effort users need to navigate between different sections or pages, making it easier for them to manage their VAT obligations efficiently.
   
2. New Professional UI for VAT Return Page:
   Updating the UI to appear more professional enhances user trust and confidence in the system. A visually appealing and well-designed interface has improved usability and makes it easier for users to understand and interact with the VAT return process.
3. Locked Status Implementation:
   Implementing a locked status for VAT returns adds an important layer of security and integrity to the data. This prevents unauthorized changes or accidental edits once a return has been finalized. It ensures compliance with auditing standards and helps maintain the accuracy of tax records.
4. Additional Validations:
   Including more validations helps in several ways:
   • Preventing User Errors: By catching potential issues before submission, we’ve reduced the likelihood of errors that could lead to compliance issues or incorrect tax reporting.
   • Enhancing Data Integrity: Validations ensure that only accurate and compliant data is submitted, improving the overall quality and reliability of the VAT returns.
   • Supporting Software Reliability: Validations at the software end ensure that our system operates smoothly and efficiently, minimizing downtime or errors caused by incorrect inputs.

Overall Benefits

1. Improved User Experience: Consolidating settings, improving UI, and implementing validations collectively enhance user satisfaction and ease of use.
2. Compliance and Accuracy: Locked status and additional validations contribute to better compliance with tax regulations and improve the accuracy of VAT reporting.
3. Efficiency and Reliability: Streamlining processes and ensuring robust validations enhance the efficiency and reliability of your VAT return system, benefiting both users and administrators.

By implementing these enhancements, we’ve not only improved the functionality and usability of Nomi’s VAT return process but also positioned our system to better meet the needs of users and regulatory requirements.

Payroll

• Hours Summary Report: This report generates the total number of hours worked by each employee, helping employers view their employees’ worked hours with a single click. Previously missing from the software, this addition helps maintain employee data for existing companies and attract new customers.
• Other Improvements in NEST: We have enhanced our NEST integration to resolve issues with mid-month pay dates, which has significantly benefited many of our clients.
• Auto Update Worker type in Auto-enrolment page:  Auto update worker type on the Auto-enrolment page based on employee earnings and age. This feature helps clients easily check employee types and enables employees to enroll in the right pension scheme based on their employee type.

SA and PTR

New E-Signature Feature in Partnership Return

We’re excited to introduce an enhanced E-signature feature in Partnership Return, designed to streamline communication, improve user experience, and boost satisfaction. Users can now easily E-sign the necessary documents and select the appropriate templates effortlessly.

Key Features:

• E-Signature Integration: Users can now easily E-sign the required documents, simplifying the entire process. Selection of appropriate templates has been made more user-friendly.
• Enhanced Security: We’ve refined the security measures for the E-signature links and documents shared via email. To complete the e-sign procedure, users must enter their registration date in the DD/MM/YYYY format. Upon clicking on the registration date section, a calendar will appear, allowing users to select their registration date and proceed with the E-sign process.
• Improved Client Experience: Communication tailored to the specific needs of each business type can enhance the client experience. Clients appreciate receiving communications that are relevant.

This new feature ensures a smoother, more secure, and user-friendly experience for completing E-signatures.

These June 2024 updates enhance software functionalities to improve user experience and accuracy in accounting processes. Key features include the CT600 C Form for group tax relief, a professional UI for VAT returns, new payroll reports, improved NEST integration, and robust input validations. Your feedback is invaluable in shaping Nomi’s future. For any suggestions or comments, please reach out to us at [email protected]. Stay tuned for more exciting updates from Nomi!