Xerocon
Xero, the global small business platform, announced major innovations and partnerships at Xerocon London, that help small businesses and their advisors do their taxes simply, access the data they need most, and ensure they can run more profitable, more efficient projects for customers. Xero also announced the acquisition of Instafile, a UK cloud-based accounts and tax return preparation company that will automate tax filing and financial reporting for businesses in the UK, helping them prepare for Making Tax Digital (MTD) requirements. The new features, unveiled in front of 3000 attendees at Xerocon London 2018, make Xero an even more powerful business platform for small businesses in the UK and around the world.
They include:
- Full compatibility with HMRC’s Making Tax Digital (MTD): Xero is officially ready for MTD for VAT, so businesses who must comply with new HMRC rules for VAT from April 2019 can now submit their returns directly from the platform to HMRC. Customers will have greater control and visibility of their VAT, with the assurance of being MTD-compliant and connected in real-time to HMRC.
- Xero acquires Instafile to automate tax preparation: Xero is bringing accounts preparation and tax filing to the accounting platform with the acquisition of Instafile, a cloud-based accounts preparation and tax filing solution that connects UK accountants, bookkeepers and small businesses to UK compliance bodies including HMRC. With Instafile, Xero is future-proofing UK accountants for 2020, the current expected date for mandatory MTD filing across all tax types
- Faster bank feeds from five leading UK fintechs: Tapping into Xero’s new, industry-leading bank feed API, leading financial institutions including Tide, Starling, TransferWise, Revolut and Soldo will now provide faster direct feeds into Xero so businesses can track foreign exchange payments, manage expenses and uncover deep insights about their performance.
- Direct online filings for the Construction Industry Scheme (CIS): Available as an open beta, construction contractors will soon be able to file Construction Industry Scheme (CIS) returns directly from Xero, reducing errors and administration.
- Automated connections to 150 companies for businesses and advisors: Hubdoc, the newest member of the Xero family, now fetches bills, receipts and other financial documents from more than 150 financial institutions and vendors UK small businesses interact with daily.
- Streamlined payroll administration tools: Business owners and their accountants can spend less time on payroll, and more time growing their business, with new payroll employee bulk uploads and direct integrations with NEST, the UK’s largest pension provider.
- Powerful integrations with Xero Projects, payroll and Trello: Xero Projects, the simple job costing and time tracking tool, is now more powerful than ever, with integrations to Trello and Xero Payroll, giving businesses a single source of truth on the profitability and efficiency of their projects.
- A new Xero dashboard to improve user controls: Navigating the Xero dashboard is now more intuitive than ever, ensuring business owners can find what they need quickly, while accountants and bookkeepers can help guide their clients.
“Making Tax Digital will make business taxes more accurate and more efficient but importantly, with Xero it will be easier than ever for business owners, accountants and bookkeepers to meet their compliance requirements in the UK,” said Steve Vamos, Xero CEO. “The features we’ve announced at Xerocon London make sure that UK small businesses can spend less time on their business and more time growing it.
“From tax and compliance to financial performance, projects and payroll, the new features in Xero make it easier, simpler and more efficient for businesses to get on with what they do best. And for our accountants and bookkeeping partners, it means less time searching for information, and more time giving their clients the valuable insights they need to help them grow. We fundamentally believe in the power of technology to help small businesses, and the UK economy as a whole, continue to expand.”