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1. VAT - Automatically calculate VAT using the Marginal Scheme

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   22 comments  ·  For small businesses » Accounting features  ·  delete…  ·  Admin →
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   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

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   Michael James commented  ·  23 February, 2023  ·  Edit…  ·  delete…

   Support for the margin scheme should be easy to implement and would save so much manual time and effort as well as addressing the required record keeping for HMRC. If done properly it would certainly increase number of companies using Xero.

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   Michael James supported this idea  ·  23 February, 2023

2. Navigation - Return to previous screen after viewing/editing a transaction

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   submitted  ·  34 comments  ·  For small businesses » Settings & user roles  ·  delete…  ·  Admin →
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   Michael James supported this idea  ·  23 February, 2023

3. Bills - Pay Bill electronically from within Xero

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   57 comments  ·  For small businesses » Business features  ·  delete…  ·  Admin →
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   submitted  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi team, we pleased to share that we've released some more features, enabling more users to pay suppliers without logging into your bank!

   For our UK customers we've made paying overseas suppliers easier with international bill payments.

   Using open banking, you can now securely send money to 180+ countries including Europe (EUR), America (USD) and Australia (AUD). So you don't have to juggle multiple platforms or hidden fees. Whether you're paying a single bill or multiple bills at once, authorise payments prepared by your team and easily track which suppliers have been paid.

   
   

   We've also just launched bill payments in Xero for customers in the US, powered by BILL.

   You can make simple, secure payments directly from Xero. You'll be able to authorize payments prepared by your team, and easily track which vendors have been paid. Plus, gain access to millions of vendors over the BILLTM network, and vendors can choose how they want to be paid. With no recurring subscription fees (aside from your Xero plan), you only pay per transaction.

   Thanks for your continued support in this idea, we'll continue to share more updates with you all. 🙂

   Hi team, we pleased to share that we've released some more features, enabling more users to pay suppliers without logging into your bank!

   For our UK customers we've made paying overseas suppliers easier with international bill payments.

   Using open banking, you can now securely send money to 180+ countries including Europe (EUR), America (USD) and Australia (AUD). So you don't have to juggle multiple platforms or hidden fees. Whether you're paying a single bill or multiple bills at once, authorise payments prepared by your team and easily track which suppliers have been paid.

   
   

   We've also just launched bill payments in Xero for customers in the US, powered by BILL.

   You can make simple, secure payments directly from Xero. You'll be able to authorize payments prepared by your team, and easily track which vendors have been paid. Plus, gain access to millions of vendors over the BILLTM network, and… more

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   Michael James commented  ·  23 February, 2023  ·  Edit…  ·  delete…

   Crezco is a great solution in Uk for faster payments

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   Michael James supported this idea  ·  23 February, 2023