Wouldn’t it be useful to see your estimated Corporation Tax right alongside your Profit & Loss figures?
With Xero’s custom report layout, you can add a calculated row to your P&L that automatically multiplies your profit before tax by the current tax rate.
Navigate to Your Profit & Loss Report
1. From your Xero Dashboard, click Accounting → Reports.
2. Select Profit and Loss from the list.
Enter Edit Layout Mode
3. At the bottom left of the P&L, click Edit Layout.
4. Xero will display a new toolbar across the top, hover over each icon to see its function.
Add a New Row for Corporation Tax
5. Click the Insert Row icon ( + ) to create a blank line at the bottom of your report.
6. Drag this new row into the position required on the report.
Define the Calculation Formula
7. With your new row selected, look to the Formula field on the right.
8. The formula will be the total of the profit before taxation * 19% – as there is no % button you will to enter in 0.19, as shown below.
Name Your New Row
9. In the Row heading box, type something like “Estimated Corporation Tax at 19%”.
Update and Save Your Custom Report
10. Click Update Layout to preview your revised P&L, now showing the estimated tax and updated profitaftertax figure.
11. At the bottom, select Save As → Custom, and give your report a memorable name.
12. Optionally, set it as your default P&L layout for quick access.
Access Your Custom Report Anytime
13. From the Reports menu, look under Custom reports to find and run your tailored Profit & Loss statement.
Why It Pays to Customise Your Reports
- Instant Insight: See your tax liability at a glance, empowering better cashflow planning.
- Time Saved: Automate manual calculations, no need for separate spreadsheets.
- Professional Presentation: Share clear, comprehensive reports with stakeholders and your advisor.
Need Help Tailoring Xero to Your Business?
At Plus Accounting, our Plus Advisory Team specialises in making Xero work harder for busy business owners. Whether you need bespoke reports, automated workflows, or one to one training, we’re here to guide you every step of the way.
Contact us today, and let us help you get the most from Xero and turn your financial data into a strategic advantage.
Author: Debbie Marriott, Xero & VAT Advisor @ Plus Accounting
Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
Date published: 23 July 2025