47 results found
-
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
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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(AU) | Add Division 293 to tax estimation sheet
Add the calculation of our clients Div 293 liability to the tax estimation sheet.
96 votesHi everyone, as noted by another user on this idea this has been available since the 2020 tax return year.
The division 293 tax calculation can be calculated by creating a Superannuation contribution worksheet on the individual tax return. Once the worksheet is completed, on the estimate click on the 'Show fields' button next to the heading 'Other amounts that may affect the tax estimate'
-
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.
- Don't see your idea?