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1. (UK) Year End date change to bases period reforms

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   15 comments  ·  For small businesses » Settings & user roles  ·  delete…  ·  Admin →
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   working on it  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi everyone, as mentioned earlier our team have been making change across Xero to align with the UK basis period reforms. We recently made a change to Financial settings so you can add start and end dates to different periods. This change impacts multiple areas of Xero. As a reminder from our last post -

   Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings.

   The same story will apply in Reporting. All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.

   In Xero Tax, you’ll be able to enter transitional profit, and track this across five years.

   In the meantime, once your practice is comfortable with the implications of basis period reform, it’s good to start checking which clients will be affected. In Xero HQ, you can filter your client list by year end date to easily check this.

   As recently noted - currently it's only possible to do a longer transitional period (12+ months) however we're currently working on shorter periods (<12 months) which we'll be providing in the near future.  I'll update you all here once this become available.

   Hi everyone, as mentioned earlier our team have been making change across Xero to align with the UK basis period reforms. We recently made a change to Financial settings so you can add start and end dates to different periods. This change impacts multiple areas of Xero. As a reminder from our last post -

   Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings.

   The same story will apply in Reporting. All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.

   In Xero Tax, you’ll be able to enter transitional profit, and track this across five years.

   In the meantime, once your practice is comfortable with the implications of basis period reform, it’s… more

   Ray CLARKE supported this idea  ·  08 March, 2024
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   Ray CLARKE commented  ·  08 March, 2024  ·  Edit…  ·  delete…

   Hi Hannah G,
   As we are now less than a month until UK tax year end, can you confirm if Xero are going to implement the changes you talked about on 11 December 2023?Thanks
   Ray

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   Ray CLARKE commented  ·  25 February, 2024  ·  Edit…  ·  delete…

   Is there any update on this? I have been told "Soon" for months now.
   We are now 5 weeks away from the start of Basis Reform.

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