Brought to you by

Solving compliance for the UK with Instafile for accounts preparation and tax

Posted 11 months ago in Advisors by Damon Anderson
Posted by Damon Anderson

We were excited to announce at Xerocon London the acquisition of Instafile. This accelerates our development of accounts preparation and tax filing within Xero, connecting the ‘last mile’ between our platform in the UK and HMRC.

Instafile will automate the process of tax filing and financial reporting in the UK for Xero partners, seamlessly connecting Xero directly to UK compliance bodies, including HMRC.

What does it mean for me and my clients?

Combined with the launch of our Making Tax Digital for VAT open beta functionality, we’ve set out to provide valuable direct tax filing functionality for accountants to manage for their clients in the UK.

In keeping with our passion to grow small businesses by connecting them with advisors who are fully equipped to support them, we’re including these new capabilities within Xero at no charge to our Xero partners.

Toby Woodhead, Solution Architect at Xero platinum partner firm Armstrong Watson – who has been supporting Xero with the development of Instafile – says: “Corporate Tax is a time-consuming process. Before Instafile, it meant double the data entry and twice the risk that something had been entered incorrectly or forgotten.

“Working with the Instafile and Xero teams, we’ve been able to help build features and functionality designed by accountants for accountants to take the pain out of Corporate Tax. Never before has tax been so exciting!”

Pam Phillips, Partner at De Jong Phillips – a Xero silver partner – told us at Xerocon: “The acquisition of Instafile is fantastic. We’re really happy – it’s going to make our life so easy.”

The addition of Instafile to the Xero family is an exciting one and complements a range of integrations that we have with other tax and accounts production software within the Xero ecosystem.

When can I have it?

We’re taking expressions of interest for our Instafile beta now with the full release to follow in 2019. Please note, this accounts production capability will only be available to Xero partners. To register your interest, please email your details to UKtax@xero.com. And if you’re an accountant or bookkeeper within a practice and would like to become a Xero partner, please sign up via www.xero.com/partners

We are so excited about these features and look forward to hearing your feedback. You can stay up to date with our Instafile page within Xero Central.

2 comments

Paul Aberhart
January 16, 2019 at 1.15 pm

My business is global and I am going to be required to report on VAT, GST in Australia and NZ and also Sales tax in the US.

Xero only allows one GST liability account.

I need a way to separate all my invoices and associated taxes within Xero

Could this be done by product codes?

Damon Anderson in reply to Paul Aberhart
January 24, 2019 at 2.21 am

@Paul,
We’re really excited about Instalfile and we look forward to offering accountants solutions to manage their UK client tax returns and annual accounts.
Sounds a little to me like you’re based in one country and need to deal with transactional tax compliance for other countries. You’re right to note that Xero versions are currently specific to a region. eg, if you have a NZ version of Xero, it doesn’t include the ability to account for UK tax and submit UK VAT returns, for that you’d need the UK version of Xero. This could be something we look to offer in the future.
There’s potentially a few options for your needs with Xero and what’s best for you will depend on your specific situation and compliance requirements.
In the first instance, I’d certainly recommend connecting with your Xero Certified Adviser to discuss your specific needs to identify the best solutions and options for you. If you haven’t already got a Xero Certified Adviser you can find one here

Leave a reply

Your email address will not be published. Required fields are marked *