By Legal Futures’ Associate Insight Legal
Independent software company, Insight Legal Software has today announced it has been formally recognised by HMRC’s list of VAT compatible software products, ahead of the upcoming Making Tax Digital (MTD) regulation coming into effect on 1st April 2019.
MTD is part of the government’s initiative to make it easier for businesses and sole operators to ensure they get their tax right and keep on track of all of their affairs. Once this regulation comes into effect, all VAT returns for businesses with a taxable turnover over the VAT threshold will now have to be processed electronically via a recognised and compliant MTD integration service.
The recognition comes as the company continuously monitor for any changes within the regulatory landscape. Insight Legal continues to ensure that it is responding and reflecting any changes in the sector with regular, essential product or system updates.
The MTD compliant integration to the software will be released in February and will feature everything required to record, assemble and upload user VAT data to the HMRC. These updates will ensure that Insight Legal is supporting the MTD compliance of its customers, helping all of its users to efficiently adapt their processes quickly with very little disruption.
“It is now crucial more than ever for businesses to check the status of their systems to ensure their legal software has the controls in place to maintain an efficient and compliant operation once the MTD initiative takes effect,” comments CEO, Brian Welsh. “This latest enhancement to Insight Legal’s suite of solutions will provide both new and existing customers with the ability to remain MTD compliant when operating their practice and case management software.”
To find out more on the announcement and the MTD regulation, visit Insight Legal’s website here.