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

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.

news-mag

Unlocking Success: Toucan Blue – Your Trusted Partners in Data Security Tax Relief

Unlocking Success: Toucan Blue – Your Trusted Partners in Data Security Tax Relief

Welcome to Toucan Blue

In the fast-paced world of business, safeguarding valuable data and optimising corporate tax strategy are paramount. At Toucan Blue, we specialise in Data Security Tax Relief, offering tailored solutions to help businesses like yours navigate the intricate landscape of data protection while maximising savings on corporation tax. With a proven track record and a unique formula, our services are designed to protect your business from potential data loss claims and boost your financial efficiency. 

Protection Against Data Loss Claims

In today’s digital age, data is a priceless asset. However, the complexities of GDPR regulations mean that businesses face substantial financial risks if they fail to comply. At Toucan Blue, our approach involves a meticulous calculation of the value and risk associated with your data. We consider factors such as type, quantity, usage, and security to craft a compelling claim backed by legal justification and standard accounting processes.

Effortless Claims Process

Generating a claim with Toucan Blue is a hassle-free experience. Our team of experts takes care of all the technical aspects, ensuring a smooth and efficient process for our clients. Typically, claims are resolved within 6-8 weeks. Once payment is received from HMRC, we deduct our fee and transfer the balance directly into your business account, minimising your involvement and maximising your returns.

Do You Qualify?

Wondering if your business qualifies for our services? Our mission is to assist businesses of all sizes in optimizing their financial strategies while ensuring data compliance. Macadam & Grant is here to be your partner in navigating the complexities of data protection and corporate taxation.

Ready to Secure Your Data and Save on Taxes?

Ready to Secure Your Data and save on Taxes?

Toucan Blue is your ally in mitigating risks, enhancing compliance, and maximizing financial efficiency. Whether you’re a small start-up or an established enterprise, our team is ready to tailor our services to meet your specific needs.

Take the first step toward securing your data and saving on taxes. Book a consultation with Toucan Blue. Our experts are eager to discuss how our bespoke solutions can benefit your business, providing you with peace of mind and a solid foundation for future success.

Don’t wait; the key to unlocking your business’s full potential is just a consultation away. Contact us now and embark on a journey to financial prosperity with Toucan Blue.

Whatsapp

WhatsApp Hit with Substantial Fine for Data Security Violations

WhatsApp Hit with Substantial Fine for Data Security Violations

Ireland’s data watchdog has imposed a record £193 million (€225 million) fine on WhatsApp, owned by Facebook, marking the largest penalty ever issued by the Irish Data Protection Commission and the second-highest under EU GDPR regulations. Facebook’s EU headquarters in Ireland designates the Irish regulator as the lead authority for the tech giant in Europe. 

WhatsApp, expressing disagreement with both the decision and the fine’s severity, plans to appeal. The fine stems from a 2018 investigation into WhatsApp’s transparency regarding data handling practices. The intricate issues examined included whether WhatsApp provided sufficient information to users about data processing and the clarity of its privacy policies, which have been updated multiple times. 

A spokesperson for WhatsApp emphasized the company’s commitment to a secure and private service, asserting efforts to ensure transparent and comprehensive information provision. The spokesperson deemed the penalties disproportionate, stating, “We disagree with the decision today regarding the transparency we provided to people in 2018.”  

Under GDPR rules, significant fines of up to 4% of the offending company’s global turnover are permitted. The Irish Data Protection Commission submitted its decision to other national data authorities, as mandated by GDPR. Eight countries, including Germany, France, and Italy, raised objections, citing disagreements on breached GDPR articles, fine calculations, and other issues. 

In late July, the European Data Protection Board directed the Irish DPC to adjust its findings, “reassess” the proposed fine of  £26-43 million (€30-50 million), and revise its decision by proposing a higher fine amount. The developments highlight ongoing challenges in harmonizing GDPR enforcement across European jurisdictions. 

Meta-News

Meta Faces Huge Fines After Potential Data Security Breaches

Meta Faces Huge Fines After Potential Data Security Breaches

Meta, Facebook’s parent company, faces a record £1bn (€1.2bn) fine from Ireland’s Data Protection Commission (DPC) for violating GDPR. The penalty, resulting from a challenge by privacy advocate Max Schrems, requires Meta to suspend EU-to-US data transfers, with a five-month implementation period.

Additionally, the DPC demands a six-month halt to the “unlawful processing” of already transferred EU data in the US, necessitating removal from Facebook servers. Meta, planning to appeal, claims unfair targeting and vows to seek a stay on the data transfer order.

The DPC cites Meta’s use of standard contractual clauses (SCCs) as insufficient safeguards, as per a 2020 European Court of Justice ruling. The ruling doesn’t affect Instagram and WhatsApp data transfers. Meta warns of potential disruptions in EU services without SCCs or alternatives. Despite a promised grace period, the company’s recent quarterly results hint at service limitations in Europe.

Meta’s net income reached $23.2bn last year; shares rose 2.2%, valuing the company at over $640bn. The DPC decision follows a disagreement with other EU regulators, prompting the European Data Protection Board to intervene. Legal experts suggest an appeal might not fully overturn the decision, emphasizing the US government’s access to EU personal data under national security. The fine aims to deter businesses from mishandling international data transfers. The UK’s Information Commissioner’s Office acknowledges the decision, intending to review details in due course.

Amazon

Amazon Faces Record Data Processing Fine

Amazon Faces Record Data Processing Fine

Amazon is facing a substantial £636 million ($886.6 million) fine from Luxembourg’s National Commission for Data Protection, alleging the tech giant’s breach of European Union data protection laws. The fine, issued on July 16 according to a US Securities and Exchange Commission filing, claims Amazon’s processing of personal data did not comply with EU law.

In response, Amazon dismissed the fine as “without merit” and asserted its intention to vigorously defend itself against the allegations. The company emphasized that there was no data breach and expressed strong disagreement with the ruling, stating its plan to appeal.

This fine marks the largest under the EU’s General Data Protection Regulation (GDPR) since its inception in 2018, highlighting increased regulatory scrutiny on major tech companies over privacy and misinformation concerns. The Wall Street Journal previously reported in June that Amazon could face a fine exceeding £380 million ($425 million) under the EU’s privacy law.

While Amazon is not the first large company to face GDPR penalties, this fine is notably substantial. The GDPR imposes strict limits on the use, storage, and processing of sensitive data. Previous fines for breaches by companies like Google, British Airways, H&M, and Marriott Hotels were in the tens of millions, making Amazon’s penalty stand out. 

The details of Amazon’s infringement leading to the severe penalty remain undisclosed. The gravity, duration, and character of the breach factor into penalty decisions by national authorities. Amazon’s response underscores its disagreement with the Luxembourg authority’s decision and its commitment to challenge the fine. 

Amazon, among other US tech giants, has faced accusations of “monopoly power,” leading to calls for regulatory intervention. Previous concerns centered around Amazon’s access to and use of data, including sensitive commercial information on third-party products. The European Commission charged Amazon in November with abusing its dominant position in online retail. In May, Amazon successfully overturned a European Commission order to repay £250 million ($320-340 Million) in back taxes to Luxembourg, alleging unfair special treatment.