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1. VAT - Automatically calculate VAT using the Marginal Scheme

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   19 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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   Gemma Dyer commented  ·  10 May, 2024  ·  Edit…  ·  delete…

   Margin scheme invoice without showing VAT to customer as this shows the VAT on the profit made, and we do not want to show the customer the profit made. Currently preparing invoices separately and uploading with margin information to Xero afterwards.

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   Gemma Dyer supported this idea  ·  10 May, 2024

2. User Role - Invoice Only + View Reports

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   submitted  ·  64 comments  ·  For small businesses » Settings & user roles  ·  delete…  ·  Admin →
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   Gemma Dyer supported this idea  ·  15 June, 2023
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   Gemma Dyer commented  ·  15 June, 2023  ·  Edit…  ·  delete…

   We need users that have invoice only access to be able to run an AR or AP report

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