11 Dec 2017

2017 – The year cybercrime became the norm for business

In 2017, the cybersecurity landscape changed immeasurably after several high-profile attacks caused major disruption around the world. High profile cases can have the unintended effect of making small and medium-sized businesses believe that cybercrime isn’t something that will affect an organisation of their size. The way that cybercrime is reported in the media can incorrectly give the impression that it is only large organisations and government institutions that are targeted.

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27 Nov 2017

Spread joy with your Christmas email messages not computer viruses

With the Christmas season upon us again, protect your business. Do not click on Christmas messages and links and attachments received by email unless you are totally sure of their source. You may inadvertently download a virus onto your business system. As an extra precaution do not forward or share any received Christmas emails received to your work email address without checking its source. If your organisation does not have an email policy to cover this type of issue, perhaps it’s time to implement one!

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24 Nov 2017
18 Nov 2017
18 Oct 2017

Five tips for businesses preparing for a digital tax system

The HMRC has indicated that by 2020 there will be a digital tax system.

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions. Digital record keeping software will be linked directly to HMRC systems, allowing customers to send and receive information directly from their software.

Eventually paper records will no longer be sufficient and it will become mandatory for almost all businesses (self-employed, partnerships and limited companies) and landlords to use accounting software or an electronic spreadsheet to keep accounting records. The day will come when paper accounting records will cease to meet the requirements of tax law. It is important that SMEs are ready to meet the requirements set out by HMRC along the way.

Here are our five tips for making sure you and your accounting system is ready:

TIP 1: For SMEs is it imperative that your operating system and accounting software is set up to create records and store data in a digital form.

TIP 2: Check your accounting software is set up to function over the cloud and has the capacity to be accessed and updated using mobile devices.

TIP 3: Make sure you have a secure internet service and your team are trained to use data over the internet safely and securely.

TIP 4: To meet the first deadline ensure your system can create a VAT return from digital records and provide HMRC with VAT data on a voluntary basis.

TIP 5: Make sure your software partners have a product road map for updating your software to comply with a digital tax system and ensuring it will include necessary adjustments to keep up with developments from HMRC. Your software needs to be able to receive information from HMRC via the API (application programme interfaces) platform. This will allow HMRC to send ‘nudges’ to the business/agent. Check for the Making Tax Digital (MTD) list of compatible software on the HMRC website.

Read our BLOG >> Getting ready for Digital Tax for business

For further information contact Synergy Technology on 0345 456 0050.

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08 Oct 2017

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