Xero Tax (UK) | Automatic calculation of farmers averaging adjustment
Farmers averaging schedule on personal tax. This is an averaging adjustment over 5 trading years and is essential for our farming clients.
Charlotte Bloomfield
shared this idea
Hi everyone, as Charlotte has mentioned below, this is not a feature we are currently planning to introduce due to other commitments. However, we will continue to monitor this ticket.
In the meantime, as a workaround, the adjustment can be manually entered in both the self employment and partnership schedule.
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Stephen Dean
commented
Please look to set this up in due course as it is fairly critical to our firm to have this in place
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Charlotte Bloomfield
commented
To clarify, this is something Xero themselves have said they are not planning to introduce. There is currently a work around but without being able to post 5 years of data, this cannot be calculated accurately and is a manual adjustment
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Paul Howlett
commented
This is already available!
If you're using the old-style layout it's hidden right at the bottom of the 'Income' section (Income averaging).
If you're using the new-style layout it actually has it's own section and is no longer hidden.
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Justine Gibson
commented
Averaging for farmers where profits can have large fluctuations is essential
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Angie Garner
commented
Averaging for farmers where profits can have large fluctuations is essential
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Sally Friend
commented
Averaging for farming clients is vital
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Michael Stopford
commented
Essential particularly for farming client.
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Adam Dudley
commented
Averaging for farmers and those in the creative industries is vitally important especially with the fluctuations in profits during Covid and caused by price increases arising from the war in Ukraine
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Pauline James
commented
This is essential for farming clients