30 results found
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AU Tax Estimate - Trust Tax Return
Ability to have a tax estimate included in a trust tax return where there is tax payable/refundable.
Purpose: To easily estimate and calculate Estate Tax Returns for all deceased clients.
173 votesHey community, thanks to everyone that added their votes and feedback to this idea!
Understand that previously, determining the estimated tax payable by the trustee of a deceased estate involved a bit of manual calculation work. I’m happy to confirm that this can now be calculated from within Xero Tax.
For the steps to calculate this, and a bit more info, we've updated our Xero Central article ‘TRT – Cover and Income sections’
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Xero tax(AU) | ITR - Add estimate disclaimer
Add an additional dot point to the Individual Return tax calc disclaimer:
. This assessment does not include Division 293 tax that might apply to taxpayers where adjusted income exceeds the Division 293 threshold. Where applicable, Division 293 tax is charged at 15% of certain superannuation contributions.47 votesHey community, thanks for raising this as a Product Idea!
Earlier this year, we added in a warning for users affected by either Division 293 or excess super contribution tax.
This warning will appear on the print outs of estimates for returns from FY23 onwards.
You can read a little more about this on our Superannuation Contributions worksheet article over on Xero Central.
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AU Tax | ITR - Managed fund distribution worksheet - discount capital gain prefilled incorrectly
Re Managed fund distribution worksheet, the field 'Current year capital gains - Discount method (Grossed-up amount)' was prefilled incorrectly.
It's prefilled with net amount instead of the grossed-up one, results in validation error, need to manually edited it.
It could be great if xero can fix this, thanks :)
24 votesHi team, apologies for not returning to this idea sooner. You'll find the Managed fund worksheet now has the ability to state whether the capital gains is reported as Gross or Net which will allow the Capital Gains Tax worksheets created to be correct.
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AU Tax - Ability to Customise / Edit Cover letters
To have the ability to customise/edit cover letters in Xero Tax.
Purpose: This will make clients who have different trading names and legal names can easily edit it.
23 votesHi everyone, sorry we've not caught this one sooner. Right now it is possible to customise Cover Letters in Xero Tax! This can be done through the use of docx. templates and Microsoft Word - See help on this in Xero Central.
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Xero Tax (UK) - Sort and filter Dashboard
It would be helpful to be able to sort and filter the Xero Tax dashboard so you can, for example, only view the outstanding tax returns.
Currently, the order that clients are displayed is random - By tax year and alphabetically would be better
21 votesHey community, 👋 thanks for all your support on this idea, I'm popping in to switch it across to delivered! We have recently rolled out Tax Manager in the UK 🎉
Tax Manager consolidates Company accounts, corporation tax, personal tax and VAT filings into one manageable dashboard which can be sorted by;
- Client name
- Client reference
- Tax type
- Status, and
- Submission due dates
Using Tax Manager within HQ also offers several filters to drill down on work in progress and upcoming deadlines for each tax, the financial period, due date and their status.
For more information check out our blog here.
Thanks again for your feedback. We know this has been a highly anticipated feature for community and we appreciate your contributions.
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Xero Tax(AU) - Report of outstanding lodgment obligations
Report that can show outstanding lodgement obligations filtered by year. If the report can also be updated from the ATO.
21 votesHi everyone, this is possible by running the Income Tax Client report in Xero Tax. This report will show you details from the ATO of clients with a tax obligation who are linked to your registered agent number. It'll provide the current and last 3 years data for each of your clients.
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AU Tax - ELD form to include BSB & Account Number
To include customer’s BSB and account number in the ELD form.
Purpose: To make taxpayers able to verify their bank details as they sign the form.
21 votesHey community, great news!
We’ve made some updates to the ITR forms, and you’ll now see a section labelled ‘Your Banking Information’ with the customer’s BSB and Account Number.
Because of this change, we’ll be shifting this idea to delivered 😄
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NZ Tax | Trust IR6 Return - Import Beneficiary Details from Green Xero
Import the beneficiary details (DOB & address) from green xero into the beneficiary area in the IR6 Trust tax return
18 votesHey community - this is now delivered 🎉
Last week our NZ Tax team rolled out an update to fulfil this request.
When a new IR6B Beneficiary schedule is created, and a relationship exists, Xero will now populate the date of birth and address from the client record.
Thanks again for all the feedback around this idea! If there's further improvements you'd like to see in Xero Tax, be sure to share them with our team here on Product Ideas.
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Personal Tax (UK) | National Insurance Contributions
Automatic exemption of national insurance contributions for clients over state pension age. In many other accounts production softwares this is already automatic and is calculated from the date of birth. The more manual input there is, the more room for error and this is something that could easily be missed by someone who is used to automatic functions.
14 votesHi everyone, I'm pleased to update you all that this feature has now been released!
Now, if you enter a date of birth and the client has a trade, Personal Tax will automatically set Class 4 NIC to exempt where the client has turned state pension in the prior year. 🙂
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Personal Tax (UK) - Trust income (SA107)
I have just discovered Xero Tax can't do Trust Income pages. We need the full suite for Self Assessment.
8 votesHey everyone, just popping in to shift this idea to delivered! We are pleased to confirm this has now been released in UK personal tax.
Please select 'New schedule' and then 'Trust and estates' in order to add this income.
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Xero Tax (UK) - Expense tag for Loss on Disposal of Fixed Assets
Currently when selecting "Profit/(Loss) on disposal of fixed assets" as an iXBRL tag, it only works where there is a profit, and therefore whether it's a profit or a loss, it shows it as income in the P+L on the accounts.
Xero Support have suggested posting here to gather support for a "Loss on Disposal of fixed Asset" code that hits the Expenses categories, and changing the Income one to "Profit on Disposal of fixed asset".
Personally, on the basis that the existing code isn't flexible, I don't know why this isn't how it was set up originally.
Hopefully gathering…
6 votesHey Jason, thanks for starting this idea. We're pleased to share that this change is now live! Our product team have added a second tag for profit and loss on disposal to cater for whether that results in a profit or a loss separately. For a loss on disposal an expense tag can now be selected which will also present a loss on disposal within expenses.
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UK Tax - Ability to export iXBRL file into other tax software
Currently, in the UK you can export an iXBRL file from Xero Tax but if you try to import that file into other tax software it is not compatible and creates an error message in the other software.
This is an issue at my firm as the Tax department insists on using Alphatax for all CT Returns and this has meant that we cannot use Xero Tax to prepare statutory year-end accounts as we have to prepare the iXBRL tagging file in other software that is compatible with Alphatax.6 votesThanks for your input on this one, Louisa. Xero Tax now offers the option for our partners to continue utilising the automation and efficiencies of our accounts production tool for FRS 105 and FRS 102 1A and then export the iXRBL file into your existing Corporation Tax software, such as AlphaTax, to file the CT600. If that's the workflow for you, you'll notice some cool tweaks to the process such as the ability to manually adjust the tax provision in the accounts from the dashboard before filing them with Companies House. After creating a new filing you'll see the option on our 'Filing Options' screen where you can elect to prepare the CT600 in Xero or file it externally.
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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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Personal Tax (UK) | Foreign tax paid on employment, self-employment and other income
Foreign tax paid on employment, self-employment and other income.
On the individual self assessment tax return, we need the ability to fill in the boxes on page "F6" of the Foreign pages marked "Foreign tax paid on employment, self-employment and other income"? In particular, we need to fill in columns:
A Country or territory code
C Foreign tax paid
E To claim Foreign Tax Credit Relief put 'X' in the box
F Taxable amount5 votesI'm happy to share that this idea has been delivered! Xero Tax now supports every box on the SA106 on our existing Foreign income schedule for the 2023 tax year onwards. You can now add foreign tax on employment income, self employment income and FHL EEA profits from within the Foreign income schedule.
Thanks for supporting this idea 😊
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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) | CT600L - R&D Tax Credits
Xero apparently creates and submits a CT600L when R&D is included on a return. I say apparently because you can't download it/see it but support assure me it is there and that is the idea, - we should be able to download this for review and aproval by client.
5 votesHey Community 👋
Just following on from Paul's last update, this is now live!
Xero Tax now supports the production of the CT600L for RDEC claims going forward.
For more information on this, check out our 'What’s available in Xero Tax' article over on Xero Central.
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Xero Tax(NZ) - Unapprove tax payment letters in bulk
Tax Payments – It would be good if we could have a BULK unapproved feature in all tabs, i.e. approved, sent, ignore.
At the moment we have to click on each client and unapproved which is very time consuming.
5 votesHey community, thanks for sharing this idea - it’s now live in NZ Xero Tax 🎉
You can now unapprove multiple payment reminders at once. To do this:
- Go to Tax > Payments
- Click on either the Approved, Changed or Sent tab
- Select the reminders to be unapproved
- Click the Unapprove button
- Click Yes to confirm
Thanks again for all the feedback around this idea! If there's further improvements you'd like to see in Xero Tax, be sure to share them with our team here on Product Ideas.
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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 🎉
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Personal Tax (UK) | Connect to HMRC Self assessment APIs
The ability to pull in data such as P60 amounts, Class 2 NI amounts, state pension amounts etc that HMRC have available. Other softwares have this function.
4 votesHi everyone, returning now a few months on from our last update we're going to move this idea to 'Delivered' with the change the team made to personal tax 🥳
You can now download a report directly from HMRC for each of your clients. Our helpful Xero central content will guide you on how to authorise you software to do this. Once the software is authorised, open your client's tax return and click on Download HMRC data in order to download the report. The report includes data on employment, other pension income, state benefits, NIC and marriage allowance.
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UK Tax - Report foreign capital gains & losses for an individual
This is NOT an idea, more an omission from the product.
FOREIGN Capital Gains (foreign CGT ON STOCKS AND SHARES) Is not available in XERO TAX.Case Ref CX0013265560
"I am trying to report FOREIGN Capital Gains (foreign CGT ON STOCKS AND SHARES) in an individuals personal tax return. However am unable to find a schedule in XERO TAX that covers this. Please can you assist"3 votesHi Jag thanks for raising this with us - this was always on our roadmap to support, and I'm pleased to say that last week we released the ability to support foreign tax credit relief on capital gains.
To report a foreign gain/loss you just need to add it into the relevant type (we don't break the disposals down by whether they are foreign or not. Then, if you need to report foreign tax or SWT on this disposal, go to the "Foreign tax credit and SWT" section in the capital gains schedule to report this.
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