Xero - tips and tricks

[Samcowman]

Have you sorted this out @Samcowman ?

Yes thanks.

 

[upnortheast]

Sold a small paddock to a non farming neighbour
Entered it as - Profit/(loss) on disposal of fixed assets
It appears in the P & L report
Don`t think thats right
Any thoughts

 

[Princess Pooper]

Sold a small paddock to a non farming neighbour
Entered it as - Profit/(loss) on disposal of fixed assets
It appears in the P & L report
Don`t think thats right
Any thoughts

Don't worry about it, your accountant will sort it out, the other part of the 'equation' is removing the initial cost of that area of land from the land on your balance sheet and putting it against the proceeds. The tax calculation will be entirely separate anyway and forms no part of trading profits as it's capital. Just make sure you tell your accountants that the land has been sold.

 

[upnortheast]

Don't worry about it, your accountant will sort it out, the other part of the 'equation' is removing the initial cost of that area of land from the land on your balance sheet and putting it against the proceeds. The tax calculation will be entirely separate anyway and forms no part of trading profits as it's capital.

Thanks for the reply. Yes, that`s why I thought it should not be in P & L

 

[Farmer Fin]

Does anyone use the expenses function for claiming personal mileage and is there a way to claim the vat back on it or do you need to create a separate bill with the mileage element split? New to Xero.

 

[Alistair]

Does anyone use the expenses function for claiming personal mileage and is there a way to claim the vat back on it or do you need to create a separate bill with the mileage element split? New to Xero.

Does this help?

 

[Still Farming]

Funny how all these MTD products monthly fees are going up and up always??

 

[Alistair]

Funny how all these MTD products monthly fees are going up and up always??

Yes we are now a captive audience. For me Zero started at £12 now £15 plus VAT

 

[Farmer Fin]

Does this help?


View attachment 1162100

Thanks. Not really though. I was hoping there expense function could do it but it appears what you have shown is the only way you can pay expenses and reclaim the vat.

 

[Alistair]

Farmer Fin sorry no idea if there is an expenses function. I record each journey on a spread sheet with mileage and then put this on Xero, as above, at the end of the month.

Let me know if you find a better way to do it.

 

[Paul E]

Whats the best authenticator thing to sign up for/ download now Twilio Authy has packed up authenticating for Xero??
Fekkin computers.

 

[Nukemall]

I just use the xero verify app.

 

[Will Blackburn]

Google Authenticator

 

[stroller]

Funny how all these MTD products monthly fees are going up and up always??

Yes we are now a captive audience. For me Zero started at £12 now £15 plus VAT

That's why I don't use xero, I hate those monthly subs and have as few as possible.