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

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   10 comments  ·  For accountants & bookkeepers » Xero Tax  ·  delete…  ·  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

   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… more

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   James Shepherd commented  ·  18 June, 2024  ·  Edit…  ·  delete…

   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.

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   James Shepherd supported this idea  ·  18 June, 2024

2. Personal Tax (UK) | Add ability to track capital allowances

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   7 comments  ·  For accountants & bookkeepers » Xero Tax  ·  delete…  ·  Admin →
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   In development  ·  AdminKelly Munro (Community Manager, Xero) responded

   Hi team, thanks for our ongoing engagement. I can confirm we've started working on this. We're building the product so that it will be usable with personal tax, partnership tax and MTD IT in the future. We'll keep you update on the progress for this, here.

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   James Shepherd commented  ·  07 June, 2024  ·  Edit…  ·  delete…

   This is absolutely essential for any tax program worth its salt. Was incredibly surprised to find that it wasn't there when we made the switch from Iris. Needs to be implemented ASAP.

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   James Shepherd supported this idea  ·  07 June, 2024