Making Tax Digital – Are you cyber ready?
Making Tax Digital is being introduced in April 2019 for all VAT registered businesses with a taxable income over £85,000, and over the coming few years will be phased in to cover smaller businesses too. It is a massive shake up to the way that tax is reported and collected, requiring businesses to store and transfer sensitive accounting data digitally.
Before April 2019 it was possible to pass your accountant a bag full of receipts and let them get on with it. Now all of this has to be done online. This means that information such as payroll, credit card numbers, bank details, receipts, the list is endless, will be stored either on your network or on a cloud.
As a result of this, it is vital to ensure that your company’s cyber security is up to date and able to protect you against potential data breaches. Losing vital accounting information could be catastrophic for a business.
Check that you’re cyber ready
Even if you aren’t going to be affected by the April 2019 changes, there is a strong likelihood that over the coming months your tax return will also be transferred over to a digital system, so it’s wise to think ahead and ask the following questions:
- Is my internet security up to date and working properly?
- Are my team and I aware of potential cybersecurity threats?
- Who has access to company files and documents?
- Do any ex-employees still have access to our system?
- How often do my team change their passwords?
- Is our Wi-Fi system secure?
Alternatively, you could speak to LP Networks and ask us to come and advise you on your cyber security. We provide impartial advice and offer managed services tailored to our clients’ needs and requirements.
Contact us on firstname.lastname@example.org or 0800 970 8980 today.