Accountants who use Taxfiler already know that preparing final accounts and tax returns is quick and easy.
Taxfiler connects with Xero to import trial balance information to give you a head start on your statutory accounts.
Over seven thousand accounting firms are already using Taxfiler and enjoying the benefits of the cloud revolution.
Tens of thousands of UK businesses use Xero, cloud bookkeeping software.
Now Taxfiler and Xero have partnered to simplify importing the trial balance figures straight from Xero into Taxfiler Accounts Production.
Read on to see how Taxfiler and Xero can benefit your practice.
1Login to your Taxfiler account
If you don’t yet have a Taxfiler account, it only takes a moment to set one up.
Taxfiler delivers all the functions of traditional desktop tax software through powerful cloud servers, ensuring a quality user experience from anywhere.
Prices start at just £10 a month for a full suite of accounts preparation and tax return production software.
2Connect Taxfiler to your clients’ Xero
Authorisation takes a few seconds, just put in your email address and password for Xero and choose your client.
Once you have connected Taxfiler to the correct Xero client, the connection will be remembered for as long as you need.
For details on connecting Xero with Taxfiler go to our help page Integration with Xero.
3Transfer trial balance figures from Xero
Taxfiler and Xero have worked hard to ensure that the Xero accounts will map to the correct locations in Taxfiler, avoiding the need for tedious manual adjustments.
By understanding the Xero account detail types, Taxfiler is able to make intelligent choices about where figures should appear in the accounts.
And if you do need to make any adjustments, this is quick and easy using the simple editing functions in Taxfiler.
4Submit your accounts to Companies House
Finalise the accounts in preparation for filing. Taxfiler allows notes and disclosures to be entered and reviewed in moments.
Once finalised and approved by the client, Taxfiler will submit accounts directly to Companies House from the accounts review page.
5Submit Tax Return to HMRC
Make any final adjustments to prepare the Tax Return for filing to HMRC.
Once the return is finalised an IRmark is generated and the client can approve the final submission.
After submitting the Tax Return to HMRC, the electronic receipt is retrieved and stored in the Taxfiler for future use.
How to connect Xero to Taxfiler
Connecting to Xero is a simple process with all the details you need right here.
If you have difficulty connecting to Xero please contact firstname.lastname@example.org
FIND OUT MORE
Scroll down to see prices for Taxfiler and read more about the full set of features available with every subscription.
Find out more or Try Xero for Free
Xero is world-leading online accounting software built for small business.
Get a real-time view of your cash flow. Log in anytime, anywhere on your Mac, PC, tablet or phone to get a real-time view of your cash flow. It’s small business accounting software that’s simple, smart and occasionally magical.
Run your business on the go. Use our mobile app to reconcile, send invoices, or create expense claims – from anywhere.
Get paid faster with online invoicing. Send online invoices to your customers – and get updated when they’re opened.
Reconcile in seconds. Xero imports and categorises your latest bank transactions. Just click ok to reconcile.
When you sign-up to Taxfiler there are no long term contracts and no setup fees. Just choose the plan that is right for you and get started. You can upgrade your plan at any time.
These monthly plans are for agents. To file a single tax return for an individual, partnership or trust, see our site for non-accountants. Click here.
Prices quoted exclude VAT. Subscriptions are payable by monthly direct debit or PayPal.
Whichever pricing plan you choose, you will have all these features included. This is just one reason why more and more practices are moving to Taxfiler and joining the cloud revolution
Quickly and easily prepare final accounts from trial balance stage, using simple manual entry or importing figures from bookkeeping software. Add notes and disclosures which will be numbered and tagged correctly.
Transfer the balances seamlessly from the completed accounts to the tax return, saving time and avoiding errors.
Submit iXBRL-tagged abbreviated accounts directly to Companies House at the click of a button.
Includes full support for small companies, micro-entities, sole-traders and partnerships.
Updated for FRS 102 and FRS 105.
Quickly complete the correct forms for any accounting period. Long periods of account can be apportioned automatically across multiple accounting periods.
Generate fully-tagged iXBRL computations, complete with Capital Allowances, Chargeable Gains (including calculation of indexation) and Research & Development tax credits.
Include any required supplementary forms including Participator Loans, Group Relief and Charities. Upload PDF attachments to be submitted with the tax return.
Submit the tax return directly to HMRC using your agent credentials.
Use simple data input screens to prepare the main tax return and all supplementary forms. Transfer trade accounts directly from Taxfiler accounts preparation or import from external software. Use the built-in calculators to help with capital allowances, chargeable gains, averaging etc.
Produce detailed schedules and computations, and upload additional attachments in PDF format.
Review the tax return and prepare it for filing. Once approved by the client the return can be submitted directly to HMRC using your agent credentials, and the submission receipt will be stored as proof of filing.
Enter details of partnership income using our straight-forward data input screens. Transfer the profit and loss account and balance sheet directly from Taxfiler accounts preparation, or import from external bookkeeping software.
Allocating profits to partners is simple, and you can link to each partner’s individual record so the data is seamlessly updated to their own personal tax return.
The partnership tax return can be submitted directly to HMRC using your agent credentials, and the submission receipt will be stored as proof of filing.
Select from a variety of trust types including charitable and non-resident trusts. Entering details of trust income and allowable expenditure is quick and easy, and you can also input details of beneficiaries and any discretionary payments made.
Taxfiler will calculate the tax payable by the trust, including any tax due on discretionary payments, and will also perform the necessary tax pool calculations.
The tax return can be submitted directly to HMRC using your agent credentials, and the submission receipt will be stored as proof of filing.
Taxfiler will also generate R185 forms containing the details of trust payments, and these can be distributed to beneficiaries as required.