By Andy Scott • Managing Director
We get lots of questions about Odoo being MTD compliant. In short, the answer is Yes.
We use Odoo internally for all aspects of our business, from Expenses to MTD, from Projects to helpdesk. Odoo accommodates the best UK business accounting practices as standard and has advanced features, functions, and flexibility for large companies, or smaller companies with sophisticated accounting needs.
Embracing Making Tax Digital
Like it or not, our tax obligations have changed. We have no choice but to embrace them, and focus on the positives of discipline, visibility, and compliance.
Digitising tax seems to be working. It speeds up the accounting process, moving away from error-strewn spreadsheets and scrabbling about for paperwork when our accountants ask for it! It is a discipline and a necessary pain to deliver best practices in taxation for business. We hear that it makes businesses more efficient, which it may. But the fact is we have to do it by law – so let’s get on with it.
You may think we are a little late in enlightening the world that Odoo is MTD compliant, but we are simply reacting to the number of times we are asked. Remember back to the panic stations of Year 2K compliance, the mysterious interpretations of GDPR compliance, then MTD, and next came Brexit. Odoo is, no surprise, a resounding ‘YES’ to them all. Ok, Y2k is now history; GDPR is simply a set of Odoo tools to help you in your compliance; MTD is a compliant file transfer of financial information for VAT and other tax calculations; Brexit paperwork is something we have addressed many times for our Odoo clients – and an area we will cover in more detail in a forthcoming blog.
The Challenges of HMRC's digital approach for SMEs?
By now, you should already have a process in place for ‘making tax digital’, but has this been an easy aspect to adopt for your business?
Do you have additional costs in being compliant? Are you increasing reliance on accounting teams?
Making Tax Digital for Business with Odoo
If you are a UK VAT registered user of Odoo, you will be required to submit VAT returns through HMRC Making Tax Digital online automated service. The Odoo HMRC MTD solution enables your company to link directly to HMRC from Odoo without using a broker, bridging, or third-party tools.
After undergoing a rigorous approval process, Odoo is now recognised by HMRC and listed as a solution provider.
Key Features of Making Tax Digital with Odoo
- Automatically calculate and submit your VAT liability from sales and purchase data.
- Fully integrated.
- Intuitive and is easy-to-use.
- Automatic VAT Reconciliation of your accounting entries included in VAT submissions.
Integrates with the full suite of HMRC facilities including;
- Retrieve VAT obligations
- Submit VAT returns
- Retrieve VAT liabilities
- Retrieve VAT payments
- Retrieve submitted VAT returns
- No transaction or usage costs
What more could you want? If you are currentlyexperiencing challenges with being compliant or even if it’s just a major headache, you should consider using Odoo.All Odoo accounting apps are integrated. Gone are the days of numerous spreadsheets telling different stories, and different software applications that do not talk to each other.
If you could make your life easier, why wouldn’t you…
Our team at Calibrate ERP is here to help you every step of the way. Get in touch with us today and let us help you streamline processes. Our certified Odoo bookkeeper, gives an in-depth understanding of accounting processes with the tools available in Odoo, to help you deliver the financial reports and the complaint practices you need.
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