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All About Your Bottom Line

GDPR Tax Credits

Never Miss Out

So What Are GDPR Tax Credits?

All companies carry data, which carries a risk due the GDPR Regulations. A data breach can lead to fines, depending on the volume and type of data breached.

It is highly unlikely that the company would have complied with all 99 laws of GDPR, so therefore would be liable for this breach. This liability in turn would result in a financial penalty to the company.

Therefore, to mitigate against this, we are able to calculate a provision for the company accounts, through a complex formula backed up by legal documentation.

How Does It Work?

Generating a GDPR claim requires the minimum time and effort on your part. Our team of experts will handle all the technical aspects for you.

We will need to understand about your business and have a straightforward questionnaire. We will also need to see your accounts, trial balances and corporation tax calculations – which are usually sent to us by your accountant, unless you have them to hand.

The basis for what we do is the data held and used within your business. Data has enormous value, but if it is collected, held or used without complying with the 99 data privacy laws known as GDPR – let alone lost or stolen through a data breach – the resulting claims can easily run into tens of thousands of pounds.

We are able to calculate the value and risk connected to your data based on the type, quantity, usage, and the security connected to it. This is a bespoke formula, and what makes our GDPR Tax Credit process unique.

We use this information to produce a claim for you with legal justification using standard accounting processes. It takes a maximum of ten working days to complete your calculations and reports which are then sent to you for approval. All you have to do is sign off the claim, and we will submit it on your behalf.

Claims are usually settled within 6-8 weeks, and are dealt with as individual tax years which are paid out separately. When we receive payment for each year from HMRC we will deduct our fee and forward the balance directly into your business account.

A simple guide to the GDPR process

  • We ask you some business-focused questions We use a unique algorithm to identify your risk. 
  • We generate a report and identify the value of your risk. 
  • We send you your GDPR report outlining our findings, along with your amended accounts, and ask you to formally sign off on these before we proceed 
  • We will also provide you with longer term GDPR risk management and review recommendations to increase your compliance levels, decrease your level of risk and thereby maintain the value of your business. 
  • Our accounting team submits the claim alongside your amended accounts, we receive the refund 6-8 weeks from submission.
  • Our success fee is deducted. 
  • You receive the balance directly into your company account 
  • Moving forward we will work with you regarding GDPR risk management, reviewing your compliance annually and suggesting adjustments to the provision in your accounts relative to our findings.

Is Your Company eligible?

Deciding whether you are eligible for a corporation tax rebate is easy. Your business qualifies if… You have paid £20,000 or more in corporation tax in the last three accounting years.

You are happy to work with our team of legal and accounting experts on a success fee-only basis – you pay nothing if we are not successful on your behalf.

It sounds simple and it is. All the technicalities are taken care of by our team of legal and financial experts, and we will keep you clearly informed every step of the way.

Interested?

Then contact us now on 0121 389 5053

Or email info@growthinbusiness.com

Let us handle the rest.