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Although GDPR can be a huge headache for businesses, Data Risk Compliance can be used to reduce corporation tax and increase cash flow. Profit calculations have been inaccurate since the introduction of GDPR because specific issues surrounding the legislation and the calculation of profits were not then understood. Therefore, we can assist with reclaiming any overpaid corporation tax and, increase compliance within businesses where necessary.
Data Risk Compliance is a process that’s based around Data Privacy Legislation and helps identify the potential liability and risks associated with data within a business. A level of provision can be produced for company accounts to represent the likely costs that could incur, if claims were to be made against the business. Not only is DRC a great way to financially protect businesses against GDPR claims and to account for the value of data, but it’s also a great way to reduce tax and increase cash flow to either, dedicate towards increasing compliance or, re-invest back into the business.
Utilising the DRC process requires minimum time and effort as our team of experts will handle all the technical aspects and we will ensure you are updated every step of the way. We do not require the business to sign a 64-8 and existing arrangements within the business will not be disturbed as we only focus on the data exposure aspect.
We perform a confidential data-focused questionnaire to assess data and GDPR compliance across the spectrum; the types of data, the amount of data, collecting it, using it, storing it, sharing it and, any safeguards currently in place. This allows us to identify the GDPR risks and the value of the data, specific to the business. Once the value has been calculated, a specific provision can be produced for the company accounts which, in turn, reduces corporation tax; furthermore, if the value can be reliably estimated by an expert, then it should be provided for in the accounts to give a true and fair view, as required by law.
By identifying breaches of GDPR, this means that compensation claims now lie against the business for the individuals whose data is held. A small percentage of these potential claims can be offset against corporation tax in order to financially protect the business. We can assist with mitigating the current year’s tax bill and/or reclaiming any overpaid tax for previous years. The service is insured for up to £1M per client so even if HMRC reverse the decision, businesses are fully covered by our insurance policy. Contact us today to see if your business qualifies!
After submitting a rebate or mitigation claim, we can make recommendations to make improvements on any areas of non-compliance that have been identified. Although not mandatory, we offer an online compliance tool called Data Guardsman which is an online modular system that assists with improving compliance. Upon completion of all the modules, an insurance policy up to a level of £250,000 is granted.
Not only do we tell you what is wrong, how to fix things, and provide a solution, we also calculate the financial risk to your business that those GDPR failures have generated. DRC is the perfect solution to protect the value of businesses and/or increase compliance and security. If you want the best for your business, get in touch today!
Deciding whether you are eligible for the DRC process is easy.
Your business qualifies if:
Existing arrangements will not be disturbed and we do not require the business to sign a 64-8. It’s as simple as it sounds. All the technicalities are taken care of by our team of legal and financial experts, but we will keep you clearly informed every step of the way.
Interestingly, if you have made an R&D claim in the past 2 years, we can also use the same process to enhance these claims.
We are receiving a high volume of applications so, to avoid delay, please enquire today!
Maven approached the business following some research and explained they were eligible for the Data Risk Compliance process.
The company position as of March 2021 year-end:
Initially, we sent the business a letter of authority to sign and say they were happy to work with our team of Legal and Accountancy experts and, happy to work on a success fee basis. We then completed a compliance questionnaire with the IT director, which took around 45 minutes to complete, and provided the answers to our legal team to assess; we did not require them to sign a 64-8.
We requested the relevant documentation and, after 12 days, provided the client with a GDPR report and calculations for a recommended provision and tax rebate. The total potential data liability identified in the report was £34.2M; this was based on claims at the lowest likely award figure. The maximum suggested figure to consider for their accounts was £4.7M, which is less than 15% of the total potential. Our accounts team then reviewed their company accounts and produced a provision at an appropriate level for the business. After liaising with their accountant, the client came back to say they were happy with the calculations and ready for the rebate to be submitted.
The business was able to build a provision of £273,401 into the company accounts and received a rebate of £36,362.33, after all fees were deducted. This means that the business provided for less than 0.8% of the total potential liability and less than 6% of the suggested amount to consider, as identified in the GDPR legal report.
We also reviewed their draft accounts for the 2022 year-end and were able to increase the level of provision by £318,700 and this allowed the business to save a further £42,387.10; after fees were paid and before the tax was due. This meant for 2021 and 2022 combined, the provision now sits at a level of £592,101; this is still less than 1.75% of the total potential liability and less than 13% of the suggested amount to consider.
We arranged a date with the client to reach out in 12 months to complete another assessment and make any necessary adjustments according to their increase in compliance and increase of data. They also chose to sign up for Data Guardsman to help increase their compliance.
No upfront costs.
We only deduct our fee from successful claims.
If a customer overpaid you, you would refund them straight away, wouldn’t you?
To receive more information and calculations specific to your business, please fill the form out below.
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