GDPR Tax Credits
All companies carry data, which has a risk due to the GDPR Regulations. Depending on the volume and type of data breached, a data breach can lead to fines.
GDPR has 99 laws, with at least 90% of UK companies being non-GDPR compliant making them liable for this breach. The liability would result in a financial penalty to the company.
Data has enormous value. If data is collected, held or used without complying with the 99 GDPR data privacy laws or the customer information is lost or stolen through a data breach, a GDPR claim can quickly run into tens of thousands of pounds or millions in the case of British Airways.
To mitigate against this, we can calculate a provision for the company accounts through a complex formula from HMRC.
How to claim GDPR compensation
To generate a GDPR claim requires the minimum time and effort, with our expert partners handling all the technical aspects on your behalf.
A claim for GDPR tax credits is straightforward. We will first need to understand your business and have you complete a brief questionnaire. We will also need to see your accounts, balances and corporation tax calculations.
Our partners will calculate the value and risk connected to your data based on the type, quantity, usage, and security. Then, the information is used to produce a claim for you with legal justification using standard accounting processes.
It takes up to ten working days to complete your calculations and reporting. Then, the findings will be sent to you for review and sign the claim, with our partners submitting the claim on your behalf.
Claims are usually settled within 6-8 weeks, dealt with as individual tax years, and paid separately. You can reclaim up to 2 years of Corporation Tax from HMRC.
4 Step process
Protect Against Exposure
Reduce your exposure to risk, cybercrime, bad press and fines
Quick Turn Around
Receive your claim back from HMRC within a few weeks
Data Guardsman
Insurance policy from Hiscox Insurance for up to £250,000
Reclaim up to 2 years
HMRC can refund up to 2 years of claims back to the business
GDPR Tax Provision
Trusted providers that work closely with accountants and HMRC
How do businesses become GDPR compliant?
Our GDPR Tax Credits partner has a solution to assist with ongoing GDPR compliance; an online progressive software system called Data Guardsman.
The system allows businesses to work through modules to build on compliance. In addition, the take-up of the system is mandatory to the Corporation Tax reclaim process to assist them in assessing the provision level annually.
At the end of the business’s financial year, our partner team will assess compliance via the Data Guardsman software and report any increase or reduction of the provision to the company.
Once completed, an insurance policy is permitted by Hiscox Insurance Brokers for up to £250,000 worth of cover.
Does your business qualify?
It is easy to decide if your business is eligible for a corporation tax rebate. If you have paid £20,000 or more in corporation tax in the last three accounting years, your business will qualify for GDPR tax credits.
You are happy to work with our partner’s team of legal and accounting experts on a win-only basis – you do not pay if we are unsuccessful.
Getting a rebate from HMRC is simple. All the technicalities are taken care of by our legal and financial experts, and we will inform you every step of the way.
What is the cost of the service?
Our partner fees are only due when you receive your rebate from HMRC. Our partners will invoice for their GDPR Tax Credits consultancy service, which is both TAX and VAT deductible.
Our promise to you
We recommend keeping your current policy if we can not find you better coverage for less.
We will benchmark your current policy for free, so you can be confident that you have the right policy in place.
Our advice is free of charge, independent and non-biased.
We are paid a commission by the partners we work with when you buy a policy or take a service from them.
As part of our commitment to the environment, we will plant a tree on your behalf with 1001 Trees UK