We wanted to update you on changes to the 90-day reauthenticationrule for bank feeds. Xero bank feeds streamline reconciliation and offer better visibility of cash flow. However, we know how frustrating it’s been to have to re-authenticate your bank feeds every 90 days. So last year, alongside others, Xero asked the Financial Conduct Authority (FCA) to … Continue reading Changes to Xero bank authentication
Author: Tony Miles
Xero champion, property specialist accountant and property investor.
The Chancellor struck a very upbeat tone in the second Budget of 2021, increasing spending pledges significantly. But what were the key tax announcements? On tax measures the Budget was extremely light. Perhaps this is understandable given the major reforms that were announced earlier this year (increases to rates of corporation tax, NI, dividends). But … Continue reading Autumn Budget 2021: key facts
Many people are looking to file their tax return early for 2020/21. However, an issue has come to light where a 30-day capital gains tax (CGT) return has also been filed during the year. What’s the issue and the solution? Since April 2020 anyone who makes a chargeable gain on a UK residential property where … Continue reading Offsetting overpaid CGT
Emergency right to rent measures introduced to minimise face-to-face contact will now be in place until the end of August the Government has announced. Adjusted checks were introduced in March last year in response to the Covid-19 pandemic and were originally due to end on June 20. However, the Government has confirmed the period will now be … Continue reading New extension to emergency right rent measures
The current VAT mainframe computer will be decommissioned next year. HMRC is preparing for this by moving businesses to a new IT system over the next few months. Why might this mean problems with payments? HMRC intends to start moving taxpayer accounts to a new IT system in July 2021 and hopes to finish by … Continue reading HMRC phases in new IT system
Multi-factor authentication (MFA) will become mandatory on your Xero account between 14 June - 2 July 2021. That means at some point during this time, you’ll no longer see the ‘Not now’ button that lets you skip the MFA setup. To be sure you can log in quickly and avoid any interruption to your day, … Continue reading Xero Multi-factor authentication becomes mandatory
As another new tax year gets underway, it’s timely to get yourself up to speed on changes to auto-enrolment and workplace pensions generally. What are the key changes to be familiar with this time around? Tax year changes Along with the freezing of tax allowances and NI thresholds, the lifetime allowance (the total amount that … Continue reading What’s new for this year with pensions?
HMRC has warned businesses that took advantage of the coronavirus VAT deferral scheme last year that a key penalty deadline is looming. What’s the story? At the start of the first lockdown, HMRC announced that VAT payments due between 20 March 2020 and 30 June 2020 could be deferred. The amounts deferred needed to be … Continue reading HMRC issues reminder about VAT penalty
Budget 2021 confirmed that the government is pressing ahead with a change to the way penalties for VAT returns filed late will be charged. What’s happening? Currently Penalties for late filing of VAT returns and late payment of VAT are dealt with under the default surcharge regime. This means that where either a return is … Continue reading VAT penalty overhaul confirmed for 2022
The government is planning a radical policy change to collect tax sooner. What’s the full story? Consultation. On 23 March 2021 HMRC launched a consultation entitled “Timely payment - a call for evidence”. Its purpose is to provide HMRC with information that will allow it to advise the government on collecting self-assessment tax sooner. This will have the … Continue reading HMRC plans to make tax payable sooner