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138 votes
Hi community, we appreciate the continued attention this idea is receiving. While our team will continue to review this idea, Xero Tax remains a Partner only product with tools and capabilities that help Xero Partners serve their clients with ease, and we don't have immediate intentions of changing this. Again, we'd like to encourage that if you're not currently connected to a Xero Partner you can find one that can serve your advisor needs through our Advisor Directory. If there is any change planned we will update you of this, here.
Also to note, our current position on Xero Tax does not relate to our MTD IT program and we'll be providing further information for this separately on this idea.Thanks
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Malcolm Elliot
supported this idea
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13 votes
Hi all, we wanted to round back here to share for those in the UK that we've now added the ability for you to create a short transition period (between 1 month and 12 months long) when changing the Financial Year End date.
To recap for anyone new coming across the idea - Aligning with the UK basis period reforms we've made a change to Financial settings so you can add start and end dates to different periods. This change impacts multiple areas of Xero.
- Fixed assets will draw on this information, to prevent any loss of historic information when your year end changes. Everything will automatically be calculated for you based on the period start and end dates you set in Financial Settings.
- The same applies in Reporting. All historic reports will be protected. And you’ll have accurate comparison periods even across varied financial years.
- In Xero Tax,…
An error occurred while saving the comment Malcolm Elliot
commented
Please get this done immediately. Xero cannot possibly have such a brutal approach to change of year end dates. The rework required for small businesses is unacceptable. There are much more important reasons to change the year end date than a major software flaw by Xero.
I consider this as a major design issue that needs immediate fixing. At the very least, depreciation should not be reversed beyond the last financial year.
Malcolm Elliot
supported this idea
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Xero, there are many things that you have gotten right, but there are a few areas you have completely wrong. This is one of them.
Please make it a priority to sort out Corporation Tax - it is quite unbelievable because it means small businesses have to pay extra money and spend extra time getting filing done.
What I find annoying is that I cannot compare my official Company House accounts with my Xero P&L as standard. I don't have time as suggested by Xero Help to make a custom P&L report, why should I, when the concept of taxable and non-taxable income / expenses is a core accounting principle.
@Xero leadership, make this a priority and get this fixed asap!
PS Separately Xero has completely messed up Fixed Assets. After all my complaining one year ago, Xero finally made an attempt to make Fixed Assets better, but there is along way to go. So it appears that Xero will actually put attention to issues where customers complain alot and loudly. So I would recommend to all small businesses, complain as loud as you can on this issue, and we might actually get this done.