How the information your business holds can put cash back into your business!
Every business runs into issues with cash flow at some point. Over the past 18 months there have been additional challenges and stresses that we all could have done without.
Not being able to meet clients in person has meant businesses have had to develop new strategies. We now have increasing dependence on the internet to advertise, secure new customers and deal with suppliers and deliveries. This has created a new way to do business, which is likely to be the new normal after Covid restrictions are lifted.
The data held by companies can be from customers, suppliers or staff. This data is of enormous value to our businesses. But for many of us, the security of this data is still largely misunderstood. As we all know the internet has its own issues such as ransomware, hacking and cyber criminals – who seem to lurk at every turn.
Fines for lost or misused data are hitting the news headlines every week. Whether it’s British Airways, Furniture Village or a host of other familiar names, it seems cyber attacks are all too commonplace.
A set of 99 new laws known as GDPR came into force in May 2018. These laws govern the way a business collects, holds and uses data.
GDPR regulations can be confusing. Non-compliance is resulting in fines which businesses can ill afford, but fortunately, every cloud has a silver lining. It is this background that helps businesses to claim rebates on the corporation tax they have paid over the past 3 years.
A team of lawyers, tax and accounting experts have identified a process which can put a financial risk value on the data held within any business. Lost or stolen data means financial consequences in the form of penalties and fines.
The team are using legal non-compliance (with the GDPR regulations) and commercial risk by adding a provision within the accounts allowing for future potential breaches in GDPR regulations. This is helping them to reclaim up to 70% of the corporation tax paid by a company over the past 3 years. Statistics from the UK Government show that most businesses will be cyber-breached within a 2 year cycle. Under GDPR regulations the company has to self report, and also inform its customers, opening the company up to the possibility of a claim.
Incredibly, since identifying the process they have successfully made a number of claims with a 100% record for their clients. Over 50 claims between January and July in 2021 have totalled over £3 million in reclaimed tax.
If your business has paid £20,000 or more in corporation tax over the past 2 years and would like to understand more of how to make a claim, please contact the Guild office or The Guilds credit expert Jennifer Lambden FACP, ICP, F. NALP for more details.
The Guild: 01274 478449
Tel: 01744 339515 / 07544 484424