47 results found
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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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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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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.
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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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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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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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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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UK Tax | CT600 - R&D tax repayments
R&D tax repayments
Currently with Xero Tax you can only request a credit towards the tax liability and not a cash repayment. Can Xero please amend this so that those that are amending CT submissions to claim R&D, can request to have the cash repayment rather than the reduction. it needs to be populated in CT600 box 865 (currently ).6 votesThanks for your contribution to this idea everyone, and apologies we've not updated you here sooner.
Although we don't support the CT600 box 865 we do support boxes 875, 880 and 885 which are automatically populated with the payable R&D, RDEC or Creative tax credit as applicable when the R&D schedule has been completed and the company is able to claim the repayment.
We added a lot of functionality to Xero Tax last year(2024) around R&D to stay on top of legislative changes, such as those in June 2024 to bring in Enhanced R&D Intensive Support (ERIS) and support the merged RDEC scheme.
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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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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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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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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) | 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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Xero Tax (UK) | Roll forward average number of employees
When entering the average number of employees in the notes, it would be great if Xero could bring forward the amount entered in the previous year to save time checking what it was!
16 votesHi everyone, thanks for voting on the idea here. We've made an update in Xero Tax in the UK that now accommodates your needs here. Employee amounts will now roll forward when you add the average number of employees to the notes.
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AU Tax - Tax Return states/status for HOLD
In the tax return tab we have the ability to have HOLD as a state/status so that they don't sit in complete or file.
8 votesHi team, coming back across this idea here we have the option of being able to suspend a return. See more detail on how you can do this in our Xero central article. 🙂
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AU Tax | Trust & Partnerships Report - Ability to report on main business activity industry code and description
Tax Return Report - Professional Services Firms List
Can you to generate a report for trusts and partnerships to show me the Main business activity industry code and description. You only have the option to do it for indivduals and companies.
1 voteThanks for your idea here, Caroline. Our team have made recent updates and you'll now find Industry code and Industry description are now both reportable fields for the Trust and Partnership tax returns, with Xero Tax 🙂- See more on this in our Xero Central article.
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Xero Tax(UK) - Increase the 100 characters limit for text in 'Reason for Reducing Payments on Account'
Currently the 'Reason for reducing payments on account' on the 'Payments on Account Screen' of personal tax is limted to 100 characters. It's not enough!
1 voteThanks again, John - Happy to confirm that this is now in place and you'll find you shouldn't be restricted to 100 characters any longer. We've lifted it up to the 0000's 😁
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Personal Tax (UK) | Add Box 53 CGT UK ITR
It's not currently possible to tick box 53 of the UK ITR CGT pages to state that the return contains a valuation - can this be added. Otherwise the software is not useable when you have a CGT disposal with a valuation or estimate
1 voteHey Wendy, 👋 thanks for raising this idea. I'm popping in to switch it across to delivered! We recently rolled out the ability to tick box 53 for NRCGT, so you will be able to do this going forward 🎉
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Xero Tax: Pull contact information from completed W9 form
It would be great if Xero could extract data from the form W-9 and update the associated fields in the contact.
1 voteHi Elizabeth, I know it's been some time since you initially raised this, and hopefully you've already seen that we have now delivered a solution for W-9 that solves your idea here 😊 You can find more detail on how you can request W-9 details from your 1099 contacts on Xero Central. Thanks for sharing and engaging with us in Product Ideas.
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