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Xero tax (UK) | Sole Trader Accounts - Ability to generate a report without a balance sheet

When using Xero tax for sole trader self assessments, and importing the Xero sole trader accounts, it would be so useful to generate reports that don't include the balance sheet, i.e. it would be better if one could edit the reports according to an individual requirements/reporting needs.

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Vanessa John shared this idea  ·   ·  Report…  ·  Admin →
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under review  ·  AdminHannah G (Admin, Xero) responded  · 

Hi everyone, thanks for your interest in this idea. Although we haven't enabled the option to exclude a balance sheet from sole trader accounts within Xero HQ we wanted to share this very exciting update with you. We recently released a direct import of the P&L from Xero onto the self-employment worksheet within Personal Tax, without the need to map the account codes and generate a set of sole trader accounts.

Previously we only supported an import from Sole Trader Accounts to Personal Tax which for some of our partners involved an extra step, particularly for smaller clients who typically only receive Income & Expenditure accounts. We hope by adding this functionality that you will be able to maximise the more flexible reporting capabilities within Xero to produce accounts for sole traders. This new feature is not simply an import either, it also supports cash-basis, allows you to manage the account code mappings and click through from the personal tax return to see the breakdown of the transactions which have been included. This workflow still fits in perfectly with our in-built e-Sign solution, Document Packs, also as the report generated within Xero can simply be published and included with the tax return to go out together for signature.

There will be further enhancements to our direct integration from Xero to Personal Tax too, so watch this space

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  • James Shepherd commented  ·   ·  Report

    This should really have been done by now. It's such a simple thing to do and this comment is nearly two years old. Please enact asap.

  • Dan Horoba commented  ·   ·  Report

    There should be two types of reports for sole trade accounts, one with a balance sheet and one without.

  • Tape UK commented  ·   ·  Report

    It should be an option whether to include or exclude the balance sheet from the report, like Balance sheet include - YES or NO

  • Curtis Watson commented  ·   ·  Report

    Very important - I am currently having to exclude the balance sheet from the PDF by doing a custom print which works in terms of removing the balance sheet, however it then causes issues with the referencing as the contents page will then be incorrect.

  • Ehtesham Khan commented  ·   ·  Report

    Balance sheet is meaningless for many small clients and does not need to be there.

  • Neil Cobbold commented  ·   ·  Report

    Yes, a Balance Sheet is unnecessary/irrelevant in the majority of small sole trade businesses.

  • Bernadette Richardson commented  ·   ·  Report

    Can we have a function that allows you to run Sole Trader Accounts on a Cash Basis Without a balance sheet.

  • Claire Pickersgill-White commented  ·   ·  Report

    Please allow us to remove the balance sheet so that when transferring to Personal Tax the balance sheet figures are not included.