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Xero Tax: Personal tax is now live

Accountants and bookkeepers in the UK are playing a vital role in rebuilding our economy. So at Xero, we want to make their lives easier. 

When we launched Xero Tax in the UK almost almost a year and a half ago, we made a commitment that personal tax would come next. Today, we’ve fulfilled that promise, offering an end-to-end tax solution that will help advisors reclaim their January.

The launch of personal tax and sole trader accounts solutions forms part of our Next Generation Practice vision and commitment to supporting Making Tax Digital (MTD), paving the way for future digital transformation by seamlessly connecting data and minimising manual entry.

An end-to-end tax solution in Xero

We know how tedious and paper-heavy collating client information and filing tax returns can be. Our new solutions connect data from clients’ books, to their accounts production and tax return. Everything is now in one place, so manual data entry is minimised and the process is streamlined. And what’s more, it’s available at no extra cost as part of our Xero Partner Programme

We’ve worked closely with a number of our accounting partners over the past few months to make sure our personal tax solution is something that can really add value to your practice. 

Claire Markham from The Focus Collection took part in the testing phase and says: “So far, Xero’s personal tax is the easiest tax software I have used in my 15-year career. It has already saved us time, and has made it easier when training new staff. We have been using Xero for the past six years and have moved everything over to Xero, as we find it so easy to use and our clients think the same.”

Future-proofing your compliance

The development of Xero Tax and the seamless integration it has with Xero HQ (the central place for accountants and bookkeepers to manage their practice) is a huge milestone for Xero, as it helps us work towards our Next Generation Practice vision. 

The vision is to provide a unified experience across our suite of practice tools that accountants and bookkeepers use every day to onboard, collaborate and manage client workloads in the cloud from within Xero HQ.

Personal tax also aligns to our commitment to support MTD for Income Tax Self Assessment (ITSA), helping accountants and bookkeepers make a seamless transition to MTD for ITSA in the future. Let’s take a look at some of the key features of our new personal tax solution:

  • Get at-a-glance views of progress: The dashboard shows where you’re at with completing personal tax for each of your clients, and tracks the progress of each individual client.
  • Enjoy a seamless data flow: Xero HQ automatically retrieves your clients’ data and tax information from the client record, and populates those fields in their personal tax return. 
  • Speed up business compliance: Individual returns are auto-populated with business income using data from their Xero account, to speed up your workflow.
  • Drill down into transactions: Accounts production for unincorporated businesses allows you to surface account transactions with a single click, to make any corrections to the data.
  • Validate your data: Validation checks are performed on the data you enter in the tax return, while test submissions to HMRC give you confidence that your client’s return will be accepted. 

Get started today

Our personal tax solution is available free of charge within Xero Tax, to all UK accountants and bookkeepers on the Xero Partner Programme.

The post Xero Tax: Personal tax is now live appeared first on Xero Blog.


Source: Xero Blog

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