41 results found
-
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.
-
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.
-
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.
-
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.
-
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 🙂
-
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.
-
Xero Tax (AU) - Distribution from Managed Funds worksheet for TRT
Many our trust clients have investments in managed funds, e.g. Macquarie Wrap, etc. Unlike ITR, currently there is no "Distributions from Managed Funds" worksheet in TRT. This means, we need to enter Capital Gains and Foreign Income in the separate sections from "Distributions from Partnership/Trust" worksheet. It would be great if all components from Managed Funds distributions can be entered into one worksheet.
76 votesHiya everyone, this is now possible with the introduction of the Trust Income Schedule that's been made available through Xero Tax in Australia!
You'll find if a trust or beneficiary relationship has been set up in the client’s screen, these distributions save automatically from the trust return into the receiving return’s Trust Income Schedule - Read more on our changes through Xero Central.
-
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.
-
Xero tax (AU) - Managed fund distribution for CTR, SMSFTR, TRT
can we have a managed fund distribution schedule in tax returns for companies, SMSF, Trust, and partnerships?
15 votesThanks for sharing with us here, everyone. We recently released 2024 Tax forms in Xero Tax for AU. As part of this we've introduced the Trust Income Schedule into non individual tax returns, which provides for what you're after here. You can read more on all the changes that have been rolled out through Xero Central, here.
-
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 😊
-
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.
-
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.
-
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 🙌
-
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.
-
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.
-
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.
-
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 🎉
-
AU Tax | Company Tax Return - Partnership & Trust Distribution Worksheet
It would be good to have a version of the "Partnership and trust" worksheet from the individual tax return in the CTR as well. This would make it significantly easier to enter the correct amounts at 6D and 6E.
Having the appropriate amounts entered in the worksheet flow through to the capital gains schedule and the franking credits section of the calculation statement would also be advantageous as it would remove a lot of manual work associated with these items.
39 votesHey team, we've recently introduced the Trust Income Schedule in Xero Tax(AU). With the Trust Income Schedule if a trust or beneficiary relationship has been set up in the client’s screen, these distributions save automatically from the trust return into the receiving return’s Trust Income Schedule - You can find out more on these changes on Xero Central.
-
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.
-
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.
- Don't see your idea?