Xero Conference 2019 – Exciting New Product Updates

At the recent Xerocon at the London ExCel we heard from various Xero product partners and app partners on their exciting new products for 2020. Xero announced a suite of features targeted towards small businesses, the most exciting one being Business Snapshot – this...

Xero Conference – the Glastonbury for Accountants!

A few of the Horsfield & Smith team recently travelled to London to attend the two day Xerocon at ExCel – namely, the Glastonbury for Accountants! Event Recap We heard from keynote speakers: Xero’s CEO, Steve Amos and Managing Director for Xero UK and EMEA, Gary...

Making Tax Digital for VAT: re-examining the key points

Making Tax Digital for VAT (MTD for VAT) is up and running. Most VAT-registered businesses with taxable annual turnover above £85,000 will now be signed up to HMRC’s new system. This requires digital records to be kept, and VAT returns to be filed using MTD for...

Most VAT-Registered Businesses are Signed up for VAT

Almost three quarters (74%) of VAT-registered firms signed up for Making Tax Digital (MTD) before the second stagger deadline last month. HMRC’s figures showed that over 230,000 mandated businesses joined the scheme before the 7 September 2019 deadline. Most (94%)...

New Open Banking EU Directive to Affect Bank Feeds in Xero

On 14 September 2019, new requirements for authenticating online payments will be introduced in Europe as part of the Second Payment Service Directive (PSD2). The purpose of these requirements is to give you more control of your banking data and how this is used. The...

How Can Xero Meet Your CIS Obligations?

If you are a construction business in the UK, you have to comply with tax rules set by the Construction Industry Scheme (CIS): HMRC – Construction Industry Scheme. The CIS applies to contractors, subcontractors and any business that has a high annual spend on...