Addressing Misconceptions: Data Security Relief and How We Do It Right

At Toucan Blue, we pride ourselves on transparency and integrity in our Data Security Relief services. Recently, there have been articles circulating online raising concerns about GDPR tax relief, and the legitimacy of claims made by certain companies. We want to take this opportunity to address these misconceptions head-on and clarify our approach to Data Security Relief.

What is Data Security Relief?

First and foremost, it’s crucial to understand what Data Security Relief entails. Our provision allows companies to allocate a portion of their accounts for potential fines or penalties related to data breaches, in line with GDPR regulations. This provision is based on a thorough risk assessment conducted by our team, which categorises companies into high, moderate, or low-risk groups.

You’ve heard this before…

Unlike some questionable practices highlighted across the internet, we take a conservative approach to provision setting. We recommend allocating less than 20% of turnover for this provision, ensuring it’s a justifiable amount based on the comprehensive risk assessment report we provide, as opposed to the huge 80-90% of turnover that has been historically recommended by unscrupulous advisors.

Our more appropriate approach falls in line with HMRC’s definition of provisions. Backed by our robust report, we stand by our justifications for the provision, and we prioritise accuracy and transparency in our recommendations.

True expertise and savings with no loophole exploitation!

Of course, it’s clear that there have been instances where companies have claimed significant portions of their turnover for GDPR tax relief, leading to HMRC scrutiny and potential repercussions. We definitely do not advise going down this route! At Toucan Blue, we operate differently. We only provision a small, justifiable amount, which results in a modest refund on corporation tax. Our goal is to offer our expertise while prioritising data security and compliance, and assisting companies in responsibly managing their financial obligations – not to find loopholes to exploit!

Working alongside your accountant

We welcome collaboration with accountants and financial advisors to ensure full transparency and adherence to regulations. We will provide the full, robust risk assessment report to your account and ensure everyone is on board. We want to be up front in offering justification to our recommendations and provide peace of mind to our clients and their accountants, and there will be very little work required on their behalf.

Nothing to fear, nothing to doubt

Yes, there’s a lot of negative articles out there, and there have certainly been a collection of companies offering a less than honest service. There may be doubt case upon the legitimacy of Data Security Relief, however Toucan & Blue stands apart with our commitment to transparent practices. We’re here to help you stay compliant with integrity and accuracy.

If you have any questions or concerns about Data Security relief, don’t hesitate to reach out to us. We’re dedicated to providing clarity and support every step of the way.

Stay informed, stay compliant, and stay secure with Toucan Blue.

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