Settings and activity

2 results found

1. VAT - Automatically calculate VAT using the Marginal Scheme

   54 votes

   vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   19 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close
   submitted  ·  AdminHannah G (Admin, Xero) responded

   Hi everyone, thanks for your interest in this idea.

   For now, I wanted to share that we're aware some users have the following process to record their transactions. The example uses a vehicle with a purchase price of £1500, and a sale price of £2000.

   1. Record the purchase of the vehicle on a purchase Bill for the full purchase price of £1500 with a tax rate of VAT Exempt. So the purchase is recorded in box 7 on the VAT return.
   2. Record the sale of the vehicle on an Invoice for the full £2000 - using the Tax Exclusive option, and then manually changing the VAT calculated to the required amount - £83.33 (i.e. 20% on the profit of £416.87 or 1/6 of £500) by clicking the small plus box above the Tax Rate.

   This will mean that you only charge £83.33 VAT for the overall profit figure, and ensuring the correct amounts are reflected in boxes 1, 3, 5 and 6.

   You could also create a custom invoice template to use with the invoices that hides the VAT detail. You'd need to insert the TaxInclusiveLineAmount field and remove the other Tax reference fields.

   Hi everyone, thanks for your interest in this idea.

   For now, I wanted to share that we're aware some users have the following process to record their transactions. The example uses a vehicle with a purchase price of £1500, and a sale price of £2000.

   1. Record the purchase of the vehicle on a purchase Bill for the full purchase price of £1500 with a tax rate of VAT Exempt. So the purchase is recorded in box 7 on the VAT return.
   2. Record the sale of the vehicle on an Invoice for the full £2000 - using the Tax Exclusive option, and then manually changing the VAT calculated to the required amount - £83.33 (i.e. 20% on the profit of £416.87 or 1/6 of £500) by clicking the small plus box above the Tax Rate.

   This will mean that you only charge £83.33 VAT for the overall profit figure, and ensuring the correct amounts are reflected in boxes 1, 3, 5 and 6.

   You could… more

   An error occurred while saving the comment
   Aimee Gilmore commented  ·  16 February, 2023  ·  Edit…  ·  delete…

   This would be super useful for clients who are using the margin scheme

   Save Submitting...

2. Aged Payable/Receivable Report - Option to include CIS Deduction Value

   53 votes

   vote vote vote

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close

   vote

   We’ll send you updates on this idea

   submitted  ·  17 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
   How important is this to you?

   Not at all You must login first! Important You must login first! Critical You must login first!

   We're glad you're here

   Please sign in to leave feedback

   Signed in as (Sign out)

   Close

   Close
   Aimee Gilmore supported this idea  ·  09 February, 2023