MTD and cyber crime on practice radar
The latest practice radar event included updates on Making Tax Digital, cyber risk, GDPR, anti-money laundering and Brexit.
Anita Monteith, ICAEW’s technical lead and senior policy adviser, warned that MTD, which is due to begin for the first VAT return period starting on 1 April 2019, is about much more than how businesses file their VAT returns. It is a fundamental change to the record keeping requirements for business tax records.
For the first year, HMRC will not enforce the requirement to have digital links in place to allow some more time for links between legacy systems to be made digital. Eventually, MTD for VAT may be extended to all VAT registered businesses, but this will not happen before April 2020. The ICAEW Tax Faculty has been working closely with the IT Faculty, which has been keeping a list of available software as it is released. The list can be accessed at icaew.com/mtd
Bluefin’s cyber risk update revealed that, according to a 2017 report, cyber attacks are now seen as the single biggest threat to UK businesses, yet only 10% of SMEs have insurance cover in place should the worst happen. This is despite 52% of smaller firms and 66% of medium-sized firms that have been affected by at least one cyber breach in the last 12 months.
Bluefin also encouraged practitioners to ensure they had adequate PII Insurance. Find out more how Bluefin can help your business.
Other topics covered included GDPR post 25 May, anti-money laundering, an update from the ICAEW members' department, Brexit advice to clients and an update from CABA.
The next practice radar event will take place in March/April 2019. To ensure you receive these event updates, please make sure you have picked ‘practice management’ in your preferences. You can update your preferences at icaew.com/preferences
The latest practice radar event took place on 29 October at Chartered Accountants’ Hall. With members from SAICA, CAANZ and our local London Society of Chartered Accountants (LSCA) membership, this bi-annual event is chaired by Nigel Smeeton, Chair of the LSCA Regulation and Ethics Review Panel.
To find out more about the LSCA Regulation and Ethics Review Panel, which organises these events, please contact Harpreet Panesar
Liked this? Read these: