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The next phase of Making Tax Digital is coming. In April 2026, Making Tax Digital for Income Tax (MTD for IT) will be introduced, and its set to shake up the record keeping, reporting and tax requirements for self-employed people and landlords. MTD for IT filing will be available in all Xero business plans.)
We’re kicking off the new year with some exciting Xero updates designed to address some of the enhancements youve been asking for, and make things more automated to save you time. Xero automatically creates draft bills with key details, with the original document attached ready for approval.
From April 2026, small businesses, sole traders and landlords will need to change how they report income tax to HMRC. New legislation, known as Making Tax Digital for Income Tax (MTD for IT ), is set to be introduced, sparking a shift in financial reporting requirements. The MTD for IT rollout will happen in phases.
With another tax year almost wrapped up, are you ready to tackle year-end payroll? Finalising your 2024/2025 tax year Wrap up outstanding items Before processing your last pay run for the 2024/25 tax year, approve any outstanding leave requests, timesheets and overtime to ensure your employees’ final pay is accurate.
That’s why we have prepared some resources to guide you through a frictionless payroll year end, and be ready for the start of the 2023/24 tax year. We have also introduced a new checklist within Xero Payroll to streamline your tasks and make it easy as we approach year end.
Spending time educating yourself on Xero can help you get time back once you’ve built up your confidence. . You probably know by now that when you have a question about Xero, Xero Central is your first stop. But did you know it’s also your home for proactively learning about Xero? If you’re new to Xero, welcome!
I’m delighted to announce that Xero has partnered with Parolla , to offer Xero accounting and bookkeeping partners and small business customers a free VAT solution, enabling you to easily prepare and generate revenue-compliant VAT3 returns for direct upload to Revenue Online Services (ROS). I want to start off by saying thank you.
So it’s no surprise that many entrepreneurs lean heavily on a trusted advisor for support, particularly around busy times like EOFY when tax, compliance, payroll and other business obligations come into play. For those on the Xero platform, collaborating with your accountant or bookkeeper is simple via the cloud. EOFY 2023).
Sempar Accountancy and Tax have been crowned the Xero Mid-size Firm of the Year at the 2023 Xero Awards for UK and Ireland. As a 100% Xero practice, Sempar is able to maximise the benefits of Xero’s software and other integrations for their clients. For those looking to enter the Xero Awards, “Just do it!”
Here’s what we’re doing to make it easy for you to manage this change in Xero. We’ll make the new 8% rate available in Xero by 9 December 2022. There are a number of areas where you can set default tax rates in Xero. If you have more than one Xero organisation, you’ll need to do this for each one.
Last year, we announced that we had started upgrading the technology that underpins the Xero platform, so our teams can build new features faster than ever before. Today, we’re excited to share that we’ve hit a significant milestone on that project when it comes to reporting in Xero. Start unlocking more value from your reports.
From April 2024, self-employed people and landlords earning over £10,000 annually, will need to follow Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) rules. . Xero’s 3-step ITSA academy has been designed specifically to help you prepare. Making Tax Digital is a great opportunity to modernise your practice.
The report , released Monday by Xero, found that nearly three-quarters (73%) of firms reported increased profits over the past year and 56% added new clients thanks to operational efficiency and expanded service offerings. "The All rights reserved. By Jeff Stimpson June 12 Like what you see?
If you’re using payday filing through Xero, you’ll also need to make sure these have been filed. Step four: Issue annual earnings certificates An earnings certificate is a summary of an employee’s earnings, tax and deductions over the tax year. Instead, change it at the start of the next tax year. You’re done!
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They move on to tech topics, like the slow adoption of AI tools such as ChatGPT among accountants and new product features announced by Intuit and Xero. 51:57) - Intuit released their year end earnings (55:07) - Some new Xero AI news & Xerocon is back in the US for 2024 (59:15) - Relay ups FDIC insurance to $2.5
Sponsors OnPay: [link] Rewind: [link] Attend Rewind's Webinar Odoo: [link] Show Notes 2:53 - U.S. link] 47:33 - Tax Provisions in the Fiscal Year 2021 Budget [link] 48:54 - Risky trading targeted in Democrat proposal for financial transaction tax [link] Get in Touch Thanks for listening and for the great reviews!
is Now Block; Brand to Remain [link] 29:24 – SCOTT GALLOWAY: Jack Dorsey has finally stepped down — and a new era of 'superapps' is dawning [link] 31:26 – Intuit updates tax prep tools | Accounting Today [link] 32:46 – Let a Tax Expert Do Your Taxes for You With TurboTax Live Full Service!
41:19) - Meryl gives her take on the PwC scandal in Australia (47:38) - Are 2 new Australian tech companies coming for Xero's throne? (55:25) Earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at earmarkcpe.com. 39:20) - Is the accounting talent crisis also happening in Australia? (41:19) We appreciate you!
We'll also get into some app news, conference updates, and talk more tax, as we wander through the land of IRS troubles. Payments Valued at $72.6T to verify your identity. 18:58 – Blake responds. 23:38 – ACH Network up to 29.1B Payments Valued at $72.6T to verify your identity. We appreciate you!
Plus, Bill.com stock pops on fantastic quarterly earnings, Xero gives Blake a treat for Valentine's Day, whistleblowing grows with remote work as employees become less engaged, and Deloitte is not looking good when it comes to the CDC's vaccine appointment system. In app news, lots from Intuit and QuickBooks this week.
The Accounting Podcast (formerly the Cloud Accounting Podcast) is the world's #1 accounting, bookkeeping, and tax podcast! Join us weekly for a roundup of accounting news, analysis, and interviews. Plus, earn free NASBA-approved CPE credits for listening with the Earmark app. Learn more at earmarkcpe.com. Learn more at earmarkcpe.com.
Why AICPA's 12-point plan won't solve the CPA crisis; Earnings reports from Intuit, Sage, and Xero; Ramp adds AI features to spend management platform; why grads are ditching jobs at the Big Four; 70% of Gen Z employees would switch jobs for better tech, and more! With $3 Billion.
Full Transcript Available Upon Request - info@cloudaccountingpodcast.com We've got a metric ton of news packed into this week's episode, including the rumor that Intuit is buying Mailchimp for $10B, XeroTax in the UK gets personal, and there's talk about a digital driver license is coming to an Apple device near you!
Meanwhile, AICPA is calling for the SBA to change unfair PPP guidance, and calling for a tax filing deadline extension. In app news, we've got updates from FreshBooks, QuickBooks, Xero, and Square. Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad?
Full Transcript Available Upon Request - info@cloudaccountingpodcast.com We're live from the Big Easy, and we're talking about Intuit dropping out of the IRS Free File program, as well as how a startup called Ivix aims to help governments catch tax evaders around the world.
Full Transcript Available Upon Request - info@cloudaccountingpodcast.com Lots of ground to cover today, including why millions of PPP borrowers still haven't applied for forgiveness, what firms would have done differently this past tax season, news on a new infrastructure bill held up by crypto rules, and what closing date set for SVOG means.
Trillion in Unpaid Taxes [link] 31:20 - Richest 1% hide a fifth of their income from the IRS [link] 31:27 - IRS failed to collect $2.4B Trillion in Unpaid Taxes [link] 31:20 - Richest 1% hide a fifth of their income from the IRS [link] 31:27 - IRS failed to collect $2.4B All this and maybe a bit more!
We'll look at a new survey says that clients prefer tech-savvy accountants, and discuss how Xero's making it easier to upload docs through Xero Me. Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? All this, and, of course, much more!
tax Royalwise Solutions: learn.royalwise.com Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad?
49:27 – Introducing the Xero Stripe App in the new Stripe App Marketplace | Xero Blog [link] 54:27 – Qonto adds invoice accounting to business finance platform [link] 56:19 – ADP Makes Enhancements to Accountant Connect [link] 58:05 – Austin St.
[link] 21:30 – Tether has increasingly been lending its own coins, adding risks to the stablecoin that is an important cog in the crypto system [link] 36:39 – Intuit announces enhancements to tax products [link] 40:50 – Wayne Chang on LinkedIn: What an *incredible* last 5 years!
Meanwhile, since the IRS is investigating fewer tax preparers, is fraud declining? In app-ish news, we'll talk all things QuickBooks Connect (Virtual) 2020, QuickBooks Live, Intuit earnings, and why Xero investors should forget about the United States market. Thank you, B Stoltzfus! We appreciate you!
tax Firmsta: firmsta.com Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Closes $2 MM Seed Funding to Automate Financial Planning and Analysis and Help Businesses 'Know Their Numbers' [link] Docyt raises $11.5M We appreciate you!
tax Advisors for Change: [link] Oh My Fraud: A True Crime Podcast for Accountants: ohmyfraud.com Want to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? 41:20 – Listener mail from Sarah – Thank you!
We'll ponder over why fintechs are to blame for PPP fraud, and why accountants should audit AI companies, and it strikes again - the "Accounting Firm Xero." In app news, Blue J raises a bunch of money to add artificial intelligence to tax research, and Credit Karma integrates Money with QuickBooks Online. All this, and much more.
Thanks, Byron! 16:54 – Proposed bill to regulate tax preparers has AICPA support - Journal of Accountancy [link] 19:41 – Taxpayer Advocate prods IRS to improve service, reduce backlog [link] 21:43 – Why call the IRS when you call us and tell us your CPA and IRS troubles? (202)
billion digital bank, quietly broke even in November [link] 30:12 - Gusto expands People Advisory Certification program [link] 31:30 - WhatsApp launches Carts for small businesses to sell in app, online - Inside Retail [link] 33:08 - The Gas Tax’s Days Are Numbered, What’s Next? Podcast) [link] 37:05 - Unit raises $18.6M
We're talking tax, including why lawmakers are starting to complain about a slow start to tax season, and how proposed legislation will dramatically increase IRS audits on the wealthy and corporations. Sponsors Dext: [link] Odoo: [link] Relay Financial: [link] Show Notes 1:50 – David got bitten by the Bitcoin bug!
If that wasn't enough, we've got news on the IRA front, including updates on how IRAs are maybe being abused or misused, and how you can avoid paying taxes on crypto mining from inside of an IRA. Why not let the listeners of The Cloud Accounting Podcast know by running a classified ad? Then, we'll dive into all things SBA, and PPP.
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