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The Flat Rate VAT scheme and Xero

The Flat Rate VAT scheme and Xero Question: Hello. I’m trying to figure out what to change in my Chart of Accounts after registering my company for VAT. According to the help page, I need to update each account’s tax setting. The help page (https://help.xero.com/uk/Q_TaxRegChange$Important) suggests looking at “Xero’s default Chart of Accounts for a VAT-registered company”. I am using the flat rate VAT scheme, however, and I’m wondering if the above default Chart of Accounts is for the normal VAT scheme. Looking at the Chart of Accounts download URL https://go.xero.com/GeneralLedger/ChartOfAccountsDownloader.aspx?Download=ExampleUKVAT I’m curious if it’s possible to replace the end part “ExampleUKVAT” to something like “ExampleUKVATFlatRate” so I can see what the Xero default Chat of Accounts is for a UK Flat Rate VAT registered company? So far I can only find: https://go.xero.com/GeneralLedger/ChartOfAccountsDownloader.aspx?Download=ExampleUKVAT https://go.xero.com/GeneralLedger/ChartOfAccountsDownloader.aspx?Download=ExampleUKNonVAT It would be much more helpful as I’d be able to compare my current Chart of Accounts CSV to that for the default flat rate scheme. Thanks. Answer:  Hi Ryan Have you updated your Financial Settings? Go to Settings > General Settings > Financial Settings and updated you VAT scheme to “Flat Rate Cash Scheme” or “Flat Rate Accrual Scheme” – which ever is applicable. Updating this setting will update all the tax rates on your existing Chart of Accounts and add the new tax rates you need. Switching to Flat Rate VAT will: 1. Update your asset and expense account defaults to No VAT 2. Add tax codes for Capital Purchases and Sales over ₤2,000 3. Allow you to enter your flat rate percentage when filing your VAT return Note: depending on when your new... read more

Pulling your hair out converting a file from MYOB to Xero?

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How to Review a MYOB File

Pulling your hair out converting a file from MYOB to Xero? Got the sinking feeling that you are letting your client down? Know that you are losing money every time you agree to convert a MYOB file? Or have you just not even attempted it because you are terrified it will all go pear-shaped? Wish you could have a step by step process to follow?

Those were all my thoughts when I sat down to take on my very first conversion of a MYOB file to Xero. I was excited, but slightly concerned! I had never done it before but figured, “hey, I have been a bookkeeper for yonks and I know a few things. This can’t be all that hard! Or different!” Boy, was I wrong!

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Top 5 Tips When Converting to Xero

Over the last 5 years working with Xero, both my friend and fellow trainer, Angela Sibly and I, have converted a lot of different businesses over to Xero. How do you get the historical data into Xero so you don’t lose all your hard work?

In my latest course, Become an Expert Bookkeeper, Angela trained for over 2-hours – in detail – showing exactly how to convert from Xero without losing all your historical comparative data when reviewing your accounts month to month.

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Download your free guide outlining 18 ways to Fast Track Your Xero Journey.

I have been there and I know what it takes. I don’t want you to stumble where I stumbled on my Xero journey. I am here to help you get to where you want to go with Xero as fast as you can – and have fun along the way. 

Each Fast Tracker tip provides an actionable for you to do – don’t get overwhelmed. Read it. Digest it. And keep coming back to it as you have time to take action.

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It is our mission to help every user in the world learn Xero to its greatest potential. We are starting with the heartbeat of the business world – the bookkeepers!

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