VAT features

Odoo Open Source - NHS Finance Edition accounting supports:

  • Calculation of VAT
  • Recovery of VAT
  • Chart of taxes
  • Submission of VAT return (Making Tax Digital)

The system can provide reporting of VAT transactions in detail and summary.

It also meets the information requirements of Intrastat (Reporting of EU of stats on trade).

VAT rates (including partial exemption rates) can be updated and given end dates.

Check UK VAT numbers

You can check if a UK VAT number is valid by using the UK’s VAT checking service, which is integrated into Odoo's accounting.

VAT in Accounts Receivable

Output tax can be assigned by reference to customer and product names.

Odoo allows for verification and amendment of output tax coding before the issue of receipt, subject to agreed variances.

Non-UK customers can be identified and foreign VAT registration numbers recorded.

It is possible to identify and report on bad debt relief (i.e. output tax not paid).

VAT in Accounts Payable and Procurement

VAT classification of vendors and invoices is possible in order to enable COS category at source to enable VAT recovery.

Repayable input tax where not paid can be identified and reported on.

Non-UK suppliers can be marked as either EU or overseas non-EU.

Making Tax Digital

MTD is compatible and compliant with legislative requirements.

Transactions can be updated in response to findings of primary and secondary VAT reviews.

Tax codes

The following tax codes are installed as standard:

ST20N / PT20N
Sales / Purchase tax - 20% on top of Net value of goods
PT20G
Purchase tax - 20% to be used where only a gross value is available and the VAT is automatically reverse-calculated
ST5 / PT5
Sales / Purchase tax - 5% rated goods
ST0Z / PT0Z
Sales / Purchase tax for Zero-rated goods
ST0E / PT0E
Sales / Purchase tax where the transaction is exempt from VAT
EUA
Europian Acquisition

Additional tax codes can easily be added as required.