30 results found
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UK Tax | UK accounts and tax returns for clients that do not use Xero.
New feature that enables accountants in the UK to prepare accounts and tax returns for clients that do not use Xero.
2 votesHi community, we have Personal Tax within Xero Tax in the UK that enables Partners to prepare clients’ Self Assessment tax returns and file them with HMRC directly from Xero Tax. It doesn't require a Xero subscription so as the Partner you could add your clients that aren't already using Xero and will be able to process their Personal tax forms for them through Xero Tax.
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Avoid blank beneficiary schedules from generating on tax returns
In Xero Tax we need to be able to indicate that a beneficiary does not receive income in a financial year so that the tax return validates without deleting the relationship in XPM. Vice versa in the beneficiary return ie: individual, company another trust we need to be able to indicate they are not receiving trust income so that this return also validates without deleting the relationship in XPM
9 votesAppreciate you showing your interest around this in Product Ideas, team. However, to confirm you do not need to delete the relationship in XPM.
Instead, in the situation where there's nothing to distribute, you'll want to make sure the beneficiary distribution statement within the TRT has the 'Distribution type' field as blank.
You may just want to open the return to make sure this Distribution type field is correct. Thanks
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UK Tax - Include Property Income in Personal Tax
Add Property Income to Personal Tax. For many people this is the only reason they have to fill in a tax return
1 voteHi Cath, we already support UK property income. You'll need to add UK Property Income form here's some guidance on adding the forms. You may also find this summary of what's available in Xero Tax helpful.
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GST Transactions - totals per GST type for mixed-GST users.
GST Transactions - we have organizations that use mixed GST codes in accordance with IRD ruling. It appears the GST report no longer sub-totals per GST code (eg. we have 3.39% rate and 15% rate and a previously used rate 2.95%). It would be helpful for the reports to provide subtotals after a change in tax code use, to provide a further level for the user to check
1 voteHi Trish, you can change the report format to transactions by tax rate which'll provide what you're after here 🙂
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AU Tax - Losses carried forward - Tax (AUS)
Losses carried forward have to be manually entered each year. It would be great if the information flowed through automatically from the prior year tax return. This will help to reduce risks that someone may accidently omit or incorrectly enter losses.
186 votesHeya team! With updates we've just released for Xero Tax in Australia, we've also provided the capability being asked here for Company Tax Returns(CTR) - If a CTR is in a tax loss position in 2024, we'll roll over the loss into a losses worksheet in 2025.
We appreciate there may be other return types our customers want losses carried forward for. To get better insight of interest around these we recommend raising new ideas for the specific type of return you'd like to see this feature with.
You can check out the full range of updates we've made in Xero Tax on Xero Central.
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Personal Tax (UK) | Unmark as filed
It's not possible to reverse a Personal Tax return that has been marked as filed. It will be great to do it.
1 voteThanks for your feedback and letting us know the change that could benefit you when using Xero Tax(UK).
We've made an improvement and now a user with the Reviewer tax permission can amend a personal tax return in Xero Tax. 😊
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Personal Tax (UK) | Ability to change default on tax returns for collecting tax via PAYE to 'no'
It is frustrating that the default is set as 'yes' to collect tax via PAYE in xero personal tax returns. This would be the exception rather than the rule for our clients and it's very easy to miss this when preparing the tax return. It's unhelpful that we are unable to change the default to 'no'.
1 voteHi community, thanks for raising this with us. The personal tax return should default to `No` but we discovered an issue where this was not happening correctly, when rolling forward data from the 2022/23 tax year to 2023/24.
I can confirm that a fix for this has now been released, so that any subsequent tax returns created will be set to No, as long as Yes was not selected in the prior tax year.
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NZ Tax - Add warning on IR4J if 7E and 8D are zero
NZ Tax -New item added Audit Check orange warnings - a check that advises the preparer that IR4J boxes 7E (Total Credits) and 8D (Total Debits) if they are zero and is this correct. This would check that the IR4J has been completed as this is occasionally missed
The audit check button should be available before the return is completed
17 votesHey community, this is now possible! 🎉The team have added new warnings on the IR4 which display if box 7E or 8D are zero. These warnings will show when there's no entry in these boxes and invite you to review the return.
Thank you for all your inputs here - we appreciate your feedback, it helps us to continue to shape the future of NZ Tax at Xero.
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UK Xero Tax - R&D intensive for period prior to 1st April 23
I see you have recently livened up the functionality for R&D Intensive Companies to claim 14.5% tax credit, but only for accounting periods commencing on or after 1st April 2023. Will you be adding functionality for companies with periods commencing prior to 1st April but ending after 1st April 2023? We have some clients with December 2023 year ends who are R&D intensive and would like to claim the additional relief for expenditure from 1st April 2023.
Thanks
12 votesHi team, this is now live! 🎉We now cater for enhanced R&D intensive support (ERIS) allowing you to claim a higher rate of payable tax credit for R&D intensive companies. You'l find this is available for any accounting periods that straddle April 2023 and beyond.
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Xero Tax (UK) | Additional tax relief for Research and Development intensive small and medium-sized enterprises
Under new rules in Finance Bill 2023/24 (which was given Royal Assent on 22 February 2024), R&D intensive loss making companies can claim a repayable tax credit of 14.5% where their R&D expenditure is 40% or more of their total expenditure (rather than the 10% credit that applies from 1 April 2023).
Please can you build this functionality into Xero Tax, so that the 14.5% tax credit can be claimed for R&D intensive companies.
See below for further details:
5 votesHi community, this has now been released and we cater for enhanced Research & Development(R&D) intensive support (ERIS) allowing you to claim a higher rate of payable tax credit for R&D intensive companies. This update is available for accounting periods beginning on or after 1 April 2023.
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Xero Tax (UK) | Create accounts for company limited by guarantee
Create accounts for company limited by guarantee
1 voteHi Mike 👋, this is already possible within Xero Tax for UK users.
The wording of the accounts will automatically be adjusted when creating a set of accounts for a company limited by guarantee. These changes are driven by the Company Registration Number saved within the Organisation Settings in Xero.
For FRS 1021a you should see the statutory information note now references the company is limited by guarantee and for FRS 105 the balance sheet statements will be updated. If this isn't in line with what you're experiencing please raise a case with our support team.
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Personal tax attachment
How do I attach a calculation (CGT) to a personal tax return? It's currently not possible to attach and save personal tax documents to Personal tax that will not be submitted to HMRC.
I’ve included a link to Xero Product Ideas where you can view and support current ideas or create a new one to share your thoughts.
1 voteHi, thanks for raising this idea - I'll switch it across to delivered as this is something that can be achieved in Xero Tax.
To include include your own calculations for CGT in the Personal Tax return. You will first need to add the Capital Gains schedule and check the box to indicate that you are including your own calculations.
You can then head to the attachments page and upload your calculations.
The Generate a personal tax return support article has information on how schedules can be added to the personal tax return.
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NZ Tax - Prevent return finalisation when PIE exceeds what's claimable
In a non resident return it would be good if Xero could prevent finalisation of the return where the PIE tax credit is in excess of what is claimable under the Tax on Taxable Income/Taxable Income x PIE Income formula. Thanks
1 voteHey Claire, rounding back to your idea here I wanted to confirm that when running an IR3NR return there is already a warning that'll appear if PIE tax deducted exceeds tax on taxable income.
This will prevent the return being filed in Xero until the figures have been amended.
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Xero Tax - Share Capital note
Share capital note - in many accounts production packages there is a share capital note. It would be good to have this available in Xero Tax. If not, please could you add the functionality to add a custom note, which would enable us to add a narrative and a simple table.
2 votesHi there, I'm pleased to let you know that a share capital note is now available! Thanks for sharing and supporting this idea 🙌
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AU Tax - Trust tax returns | Foreign income should flow through to ITR and CTRs
Currently, only some distribution amounts flow automatically from a Trust tax return to the Individual and Company beneficiary returns, and others have to be manually entered. There is also no clear area to enter these items into the individual and company returns.
This leaves room for error and causes efficiency and quality issues.
Our previous system handled this very well. It had a specific schedule for this type of distribution income.All distributed amounts, including capital gains and foreign income should be auto transferred to the correct labels into the beneficiary tax returns.
56 votesHiya everyone, we have just released changes for 2024 tax returns. As part of this we're pleased to share that for the Trust Income Schedule foreign income and Capital Gains Tax events will now distribute from the trust return into non-individual tax returns. 🎉
Thank you for all sharing and engaging with us in the idea, here.
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Xero Tax - Feature to store clients' filing credentials
Is it possible to store the filing credentials for companies in Xero Tax.
3 votesHi everyone, as mentioned in my last update we made the tool used in personal tax available in Xero HQ Tax menu.
And, I'm pleased to confirm you’re now able to use your stored Government Gateway IDs when filing corporation tax returns, to help save you time submitting for each client. Thanks for your engagement and sharing with us through the idea here.
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NZ Tax - Tax return audit check that key points 34-38 have been completed
Tax return audit check should include whether new keypoints 34-38 have been completed
1 voteThanks for the idea here, Mike. Our team have made some recent updates and Xero Tax (NZ) will now provide a warning banner with suggestions to show where your tax return may require a review.
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Personal Tax (UK) | Information pulling through from HQ
When you create a tax return for a client, the system doesn't pull through their address or email, this need to be automated from the info in HQ. Not sure why it doesn't pull through, when it pulls through NI number and UTR, why doesn't it pull through address or email, we have to physically select it from drop down box
1 voteHi Bonnie, happy to share that the work here has now been delivered. You'll find that the clients Address, Telephone number and Email address should automatically populate in the appropriate field in Personal Tax. 😁
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Personal Tax (UK) | Add HMRC Details & Payment Reference to Payment Report
More complete information added to the Payment Report for personal tax, so that the Payment Reference and HMRC bank details are included as well as the amounts to be paid. Then this one page can be sent to the client and avoids a lot of additional time spent sending them separate info on how to pay and what the reference is. BTC do this really well
5 votesHi everyone, we wanted to come back and confirm that as part of the compliance release for the tax year 2023/24 the payment details were added to the payment report. This should be visible to you now in the personal tax product.
The payment details default to HMRC Cumbernauld but If you'd like to change this, you can go to the Other return information schedule and "HMRC payment details" to select HMRC Shipley.
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Xero Tax (UK) | Directors report - Include Directors' responsibilities statement
Please could you include the Directors responsibilities paragraph in the directors report as this is best practice.
4 votesHi everyone, returning now a few months on from our last update and we're going to move this idea to 'Delivered' with the change the team made to FRS102 1a - New notes and disclosures + Directors report 🎉
- Don't see your idea?