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1. Xero Tax (UK) | Automatic calculation of farmers averaging adjustment

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   9 comments  ·  For accountants & bookkeepers » Xero Tax  ·  delete…  ·  Admin →
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   submitted  ·  AdminHannah G (Admin, Xero) responded

   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.

   Michael Stopford supported this idea  ·  12 November, 2022
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   Michael Stopford commented  ·  12 November, 2022  ·  Edit…  ·  delete…

   Essential particularly for farming client.

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2. VAT - Partial Exemption Calculation

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   1 comment  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   submitted  ·  AdminHannah G (Admin, Xero) responded

   Hey everyone, appreciate that this idea's intent is to help save user's time in calculating the VAT, but I wanted to share that it is possible to record partial VAT exemptions, for those who aren't aware. We will continue to to track interest in this idea but in the meantime you can:

   
   

   1. Calculate your own your partial exemption adjustment amounts
   2. Enter them as VAT box adjustments on your non-MTD or MTD VAT return

   Alternatively, if you use a set percentage adjustment you could do one of the following:

   • Add a custom Tax Rate for your % rate.
   • Adjust the VAT on each bill to the amount you can claim. Click the + next to the tax rate to do this. (You'll need to use the 'Amounts are' Tax Exclusive option to see it.)

   We recommend you talk to your accounting advisor or HMRC if you need more help with this.

   
   

   There's more information on this in the following Xero Central articles:

   Adjust the amounts on a VAT return

   Add, edit, or delete tax rates

   Adjust the VAT amount for a transaction

   Hey everyone, appreciate that this idea's intent is to help save user's time in calculating the VAT, but I wanted to share that it is possible to record partial VAT exemptions, for those who aren't aware. We will continue to to track interest in this idea but in the meantime you can:

   
   

   1. Calculate your own your partial exemption adjustment amounts
   2. Enter them as VAT box adjustments on your non-MTD or MTD VAT return

   Alternatively, if you use a set percentage adjustment you could do one of the following:

   • Add a custom Tax Rate for your % rate.
   • Adjust the VAT on each bill to the amount you can claim. Click the + next to the tax rate to do this. (You'll need to use the 'Amounts are' Tax Exclusive option to see it.)

   We recommend you talk to your accounting advisor or HMRC if you need more help with this.

   
   

   There's… more

   Michael Stopford supported this idea  ·  14 June, 2022