Ad Valorem
Treating your business like ours
| We’ve put together a couple of booklets to provide information about tax rates and facts for the 2022-2023 period. Please note that these documents are for guidance only, and we recommend you contact us for advice before acting on any information within the booklets. |
(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk
Xero is an efficient and popular accounting software that makes running your business simple. Xero is used by millions worldwide and can be easily accessed anywhere via the cloud. We are proud to be a Xero Platinum Partner and have implemented their software internally. If you’re new to Xero, or just need a little refresher; we’ve put together a beginner’s guide to help you access the full potential of Xero.
We hope this guide will give you a greater understanding of your Xero file and how to use the different functions in Xero so you can run your business finances in the most efficient way. Making your book-keeping processes as efficient as possible will allow you more time doing what you love!
In this guide we will discuss how to:
Connect your bank with your Xero organisation to automatically import transactions. You’ll need to be registered for online banking to make the connection between your bank and Xero. Once you’ve connected your bank to Xero, your transactions will automatically import into Xero each business day. You don’t need to manually refresh the bank feed for your transactions to import. You can choose to share up to 12 months’ worth of historical transactions initially.
Check out our easy step by step infographic on how to connect your bank feed with Xero.
To send an invoice you must first open an invoice template, date it, and add an invoice number, the details on this invoice should be as followed:
Finish with clear instructions on when and how to pay. Xero have made an easy step guide on how to make an invoice, click the link to learn more: how to make an invoice. Regarding your invoices, Xero can store customers details securely and efficiently, you can also set different inventory items for your products and service descriptions.
Sometimes details of your business may change, and when they do it’s good to know how to change them on your accounting software. Xero have made it simple to change or update your business and personal details with just a few clicks. When changing your:
You must first visit the organisational settings in Xero. To find these settings, click your business name in the top left corner; then click settings, there you will find a button named Organisation details. In Organisation details you will be able to change all that you wish by filling in the boxes.
Finding transactions in Xero needn’t be a struggle. There are lots of ways you can learn to understand your accounting software; and Xero have made it easy for you to do so. To find a transaction simply click the magnifying glass icon in the top right corner, there you will be able to type in the name of your supplier/customer and be taken to the transaction.
*Don’t worry if you can’t see the magnifying glass, simply click the dashboard at the top of your screen and it will appear in there.
If you are struggling to find something on Xero, or just need a little extra help, Xero Central Help is always on hand to resolve your issues. You can access Xero Central Help Centre by clicking the ‘?’ symbol in the top right-hand corner; There you will be taken to a list of popular questions asked and their answers below. If the question you want to ask isn’t there, you can tailor what questions appear by adding in the buzz words relevant to your question.
If the suggested articles don’t answer your question, click Contact Xero Support. There you will be able to ask your specific question, make sure you add as much detail a possible and a member of Xero’s specialist support team will help the best they can with your query. You can view cases you’ve raised in ‘My cases’.
At Ad Valorem we have highly experienced Xero certified team members who are always on hand to help you if you experience any issues. By using an accountancy firm experienced in the software you can get quick reliable responses without hassle.
(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk
| From April 2022 a UK-wide 1.25% Health and Social Care Levy will be introduced. How will this impact workers and businesses? The levy will mean that National Insurance Contributions (NICs) for working age employees, self-employed and employers will increase by 1.25%. The current 12% rate on employees pay on earnings between £9880 and £50270 will rise to 13.25% and the current 2% on earnings over £50270 will rise to 3.25%. Businesses must also make the additional contribution of 1.25%. Employer National Insurance is currently 13.8% and will therefore rise to 15.05%. The levy will also impact those individuals that receive income by way of dividends in excess of the dividend allowance. The dividend tax rate will increase by 1.25%. How much additional tax you will pay on your dividends will still depend on your Income Tax band. The dividend tax rates will all increase by this 1.25%. Here’s some examples of how the New Heath & Social Care Levy could affect you: |
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| The Statutory Sick Pay Rebate Scheme will come to an end on 17 March 2022, with a deadline of 24 March 2022 in place to submit any final claims or amend any claims already submitted. Until then, claims can be made for employees who are off work on or after 21 December 2021 in accordance with the rules of the scheme. From 25 March, HMRC will return to the normal SSP rules, which means employers can revert to paying SSP from the fourth qualifying day their employee is off work regardless of the reason for their sickness absence. For more information on SSP rules or if you have any questions, please contact us below. |
(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk
We’ve put together 10 of the most asked questions to give you more information about Xero and all it has to offer.
A. As Xero Platinum Partners we standardise the use of Xero by including a subscription in many of our accountancy packages. We have packages designed for all sizes of businesses, catering from start-up through to high growth. Please get in touch for further information regarding our packages.
A. Xero uses some of the highest levels of data encryption on its platform, along with several additional security measures such as two factor authentication to protect your business information.
Xero is certified as compliant with ISO/IEC 27001:2013 which is globally recognized as the premier information security management system standard.
A. There are many benefits to using Xero. Here are just some of the things you can get out of Xero:
A. Xero couldn’t be easier to set up. All you’ll need to do is provide us with information such as your name, company name, phone number, email address and bank details. All our accountants are highly trained in Xero and ready to help guide you through the set-up. If you wish to set-up on your own, Xero provide online tools in ‘Xero Central’ to help you get started.
A. No, by using Xero all your records will be stored digitally. Receipts can also be stored on Xero using Dext; Dext is a simple way to easily store your expenses without having to save paper receipts. All records and expenses should be kept organised and up to date within the cloud. HMRC are more than happy to accept scanned and digital copies of paperwork – including scanned receipts and invoices.
A. Yes. Our Xero trained accountants offer ‘An Intro to Xero’ seminar. If you would like to know more about Xero and how to get started, then come along to our free seminar to discover the key features of Xero and how it could help run your business finances. Click here to learn more.
A. Yes. Xero integrates with 1000+ apps, allowing data to flow seamlessly from Xero to third party apps. The Xero App Store makes it easy to navigate the ecosystem and find the right apps for your business needs.
A. Using Xero is a choice. However, MTD has been extended from April 2022 and now captures ALL VAT registered businesses, this extension of the MTD regulations will hit approx. 1 million businesses from April 2022. This means all VAT-registered businesses will be required to keep digital VAT records and send returns using MTD compatible software.
There is a large choice of MTD compatible software on the market. In most circumstances we recommend Xero. We have partnered with Xero since 2013 and have helped many clients transfer onto the software, providing set-up and training support.
A. Moving to Xero couldn’t be easier. We offer a range of options for helping to transfer from one accounting system to another. We can transfer up to two years’ worth of transactions, so you can pick up where you left off. Your data will be encrypted for maximum security and protected by a firewall. Get in touch to make your transition to Xero as seamless as possible.
A. Xero is a fully cloud-based system. You can access it from an internet enabled phone, tablet or desktop/laptop computer, and multiple users can work on it simultaneously.
At Ad Valorem we are always keen to answer your queries and questions. If you have a question that you can’t find the answer to, or have any follow up questions, please don’t hesitate to contact us on:
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We are extremely pleased to have been announced as finalists for the Xero Awards 2022, in the “Large Firm of the Year” category.
Having won “Mid-size Firm of the Year” in 2020, we are especially pleased to have been shortlisted in the “Large” category only two years later.
We would like to thank our team for their commitment and hard work, our clients for their continued support and Xero for providing software which we and our clients love!
We look forward to celebrating on 27th April and have our fingers crossed for the announcement of Xero’s winner.
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