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46 votes
Hi everyone, we appreciate your interest and contributing to the idea here.
While this is something our teams are keeping a close eye on, we want to be honest that for the time being we do not have any plans for developing automatic calculations for this with Xero Tax(UK).
Atm, we're waiting to see how HMRC will support farmers averaging within MTD IT before making any plans to develop a solution within Xero. We will share if there are any updates surrounding this for you, here.
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Andrew Warnock
supported this idea
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6 votes
Thanks for sharing your idea, and letting us know the changes that matter most for you. We appreciate you sharing how a direct link between partnership and personal tax returns could support your workflow. This idea is now in Gaining support status, which means our community team have reviewed it and it's open for community support through votes and comments. We'd love to hear from others about how this could benefit your practice, so please continue to share your feedback and vote if this resonates with you.
Andrew Warnock
supported this idea
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Many of the leading software providers like Iris and CCH offer 2 and 5 year farmers' averaging at the click of a button which saves so much manual time having to work out the tax advantages of 2 and 5 year averaging. I feel this is very important and the agricultural market is huge, there are also a lot of dairy farmers whose milk contracts stipulate they must use Xero software, so the market is definitely there. My accountancy practice alone has over 200 farming clients and the time saved in my firm alone would be enormous, not to mention all the hundreds/thousands of other accountancy practices in a similar position. I also know some accountants who only use Iris and CCH for this feature and would love to move to Xero if this feature was introduced.