8 results found
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.34 votes
Capital Gain Events (CGT) events which occur in a Trust Tax Return (TRT) do distribute into an Individual Tax Return (ITR). This was made available in 2023 tax forms.
On the TRT, there are two new labels under the Capital gain label:
- Discounted capital gains (Net)
- Other capital gains
These two labels are totaled from the CGT worksheets where the method is either Discounted or Other respectively. These two fields will only appear if the beneficiary type is Individual.
These labels will distribute automatically to related individual beneficiaries. On the ITR, in the trust distribution worksheet, there are labels at the bottom to create the CGT worksheet.
Partnership LLP Accounts and Tax - SA800 for multi member partnerships. Including the ability to produce individual allocation report of profit/loss for both UK members and overseas members41 votes
Hi everyone, I wanted to share a further update on this idea. We are now making active steps to deliver a solution for the SA800 and accounts production for unincorporated partnerships. In the interest of transparency, we expect to be able to provide our partners with some of the core features to start using as soon as possible, however this will not be delivered before 31 Jan 2024. We will be moving as quickly as we can whilst also ensuring we're meeting your expectations therefore we can't provide a confirmed delivery date but we will provide further updates when elements are ready for partner testing in 2024.
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 :)23 votes
Thanks for sharing your idea in the forums, team. We appreciate what you're asking and how this could currently be confusing. Our team are working on some improvement for the Distribution worksheet that'd allow you to select whether this field was filled as Gross, or Net amount. We'll keep you updated of the progress for this here. 🙂
I use 'client groups' extensively in HQ. I need to see which clients are not in a group at all, and which ones are in more than one group, but this is not possible. Please allow us to report on which groups each client is in.18 votes
Hi community, just jumping in here to share that we have recently made an improvement to the groups feature in Xero HQ 🎉
Within a Client record, you can now see what groups they belong to, and add or remove them - check out this article for more information. Please note, this is not available as a report, but is available on a client by client basis.
While the team have been really busy working on the single client record, they also hope to introduce a Groups list and group details (similar to what is currently available in XPM) to increase the ability to manage Groups within HQ. We’ll be sure to return & update you here when that’s available.
Could you add the ability to track client filing dates for CT, VAT, Companies house etc all in one place?2 votes
Thanks for contributing to the community here guys. We will soon be releasing a new solution in Xero HQ which provides one central place to manage your VAT, personal tax, company accounts and corporation tax deadlines. I've shifted this idea to 'working on it' for the time being and we'll let you know when it's available.
I would like to see the Job Manager in the Home page of the jobs workflow. At the moment you can only Filter by Manager, however I want to see the status of all of my jobs with the manager in a column out to the side.2 votes
Hi Katrina, as our team continue to develop Jobs in Practice Manager this is something they're working on atm.
We'll keep you updated on when this becomes available. 🙂
Practice Manager - Edit Jobs Manager screen to add or delete columns that are relevant to a practice The ability to add notes would be very helpful.1 vote
HI Sally, jumping back on your idea here our team are working on providing more flexibility to the info you view from Job Manager.
Right now, we're developing columns for Staff, Manager and Partners. Around the same time we expect to deliver these additions, we'll also enable you to hide detail you'd prefer not to view. So, you can decide and only see the information relevant for you when viewing Jobs.
We'll return to share more when this is available🙂
MTD for ITSA
Xero have been a bit quiet on the issue of MTD for ITSA. What is the suggested solution for ITSA? If the Xero plan is to charge the starter plan at £14/month (plus VAT) I think you will lose a lot of the market share. MTD for ITSA needs a simple £5/month solution for sole traders with ability to use expenses app for free. The costs of £14/month plus £2.50 for expenses is going to lose a lot of our clients to competitors like FreeAgent (which is free if you have an RBS/Natwest/Mettle account). Finding it hard…2 votes
Thanks for your feedback, John - It'd be great to get you to join one of our demo webinars to see our MTD for ITSA product. They run every few weeks and you can sign up here.
In terms of Xero plans, MTD for ITSA will be available on every plan. This means it'll be available on all business plans - Starter, Standard, Premium, but also all partner plans - Ledger, Cashbooks, Bureau, etc.
Clients may also be interested in the new app Xero Go, a simple business tracking and data capture tool, which links to a Xero partner plan so you can see the data and manage ITSA filings.
To discuss in more detail…
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