- Learn how to prepare AIM returns using Xero
- Understand the standard AIM adjustments
- Learn how to make all the AIM adjustments in Xero
- Be ready to assess which clients will benefit from AIM and how to include AIM in your practice processes
AIM is an IR initiative to make provisional tax simpler and more accurate. Using AIM, from 1 April 2018, companies and sole traders can pay provisional tax based on actual YTD profits by filing an AIM "return" every two months.
In order to opt-in for the 2019 tax year the first AIM return should be filed and paid by 28th June 2018 (where returns are on a 2 monthly basis).
In mid April 2018, we will be releasing AIM functionality (within Tax in Xero Practice Manager) so that all accountants and bookkeepers with Xero clients can take advantage of it - even those who are not using Xero Tax for the rest of their income tax filing needs.
In this recording, we will provide a quick overview of the principles of AIM and then walk through exactly how you can prepare, file and report on AIM returns for your clients. In particular, we will focus on the AIM adjustments and tax calculations so you can see how simple it will be for you to use AIM for all suitable clients in your practice.
This recording is for all accountants and bookkeepers considering using AIM for their Xero clients.
We have compiled this Q&A document. for your reference.