making tax digital€¦ · quickbooks quickbooks desktop desktop 2019 quickbooks quickbooks cloud...

EffectiveTax recording will be more

accurate, providing fewer

opportunities for errors,

miscalculations and fraudulent

activity.

EfficientThe process will be faster and

more automated for businesses,

accountants and HMRC, helping

them save valuable time.

EasierWith the right software, Making

Tax Digital will make it easier for

small businesses to record and

file their tax returns online.

Making Tax DigitalWhat you need to know for you and your business

We will still be able to provide

you with the same support and

advice that we do now. We will

continue to guide you to ensure

you are fully compliant with all

the new reporting requirements.

We will continue to update you

until the 1st April 2019 deadline,

but please feel free to contact

your usual Cowgills advisor if you

have any concerns.

You can also visit our website

and follow us on Twitter to keep

up to date with the latest news.

Firstly you need to think about

your software, as the biggest

change will be the need for

digital record-keeping.

The good news is that if you

are currently using one of the

major cloud based accounting

packages such as Xero, Sage or

FreeAgent, your software will be

compatible.

We suggest that you get used

to your new digital software as

soon as possible to help make

the transition smoother.

We can help What can I do?

Making Tax Digital is a key part of the Govenment’s plans to modernise the tax system. It is

designed to make it easier for individuals and businesses to get their tax right as well as simplifying

the HMRC submission process. It will change the way that businesses keep their accounting

records, report profits and interact with HMRC.

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Need help?

For more information on how we can help, please speak to your usual Cowgills or CHW advisor.

Call 01204 41 42 43 or email [email protected]

To find out more and how we can help, please email your usual advisor for more details.

2

From April 2019, subject to the

implementation of a potential

grace period, if businesses fail to

comply, they will attract ‘points’

and penalities in line with the

Government’s new two-tier

‘points-based’ penalities regime.

The proposed regime for

businesses and individuals will

be enforced within 15 days of an

overdue tax payment. However,

there may be an initial grace

period for late filers still getting to

grips with the new digital system.

What are the penalities?

The facility to enter VAT return information directly onto the HMRC

website will no longer be available from the 1st April 2019. In order

to submit a VAT return to HMRC from that date Making Tax Digital

compatible software will be required.

What are the practical changes for businesses?

You can still provide quarterly updates for other taxes but there is no

mandatory requiremment to do so as of yet. The Government has

committed that it will not widen the scope of MTD for businesses

beyond VAT before 2020 at the earliest. After this you may need to

keep a digital record for your other taxes too.

Note: If you have previously authorised HMRC to receive your VAT

return from an agent, they can still do this.

What versions of software are compatible?

Developer Product Platform Version

Sage 50 Accounts Desktop 25*

Sage Sage Business Cloud Cloud All

Xero All Cloud All

FreeAgent All Cloud All

Quickbooks Quickbooks Desktop Desktop 2019

Quickbooks Quickbooks Cloud All

Kashflow Kashflow Cloud All

ClearBooks ClearBooks Cloud All

*Requires additional subscription

What about other taxes?

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https://www.accountingweb.co.uk/tax/hmrc-policy/making-tax-digital-penalties-for-non-compliance

Barclays Business BankingKnow your cyber and fraud risks

Let’s go forward

2 | Know your cyber and fraud risks | November 2018

“..cyber activities over the past 12 months have impacted businesses – from their reputation, through to their systems, to their bottom line.”Ciaran Martin – CEO NCSC

www.nationalcrimeagency.gov.uk/890-the-cyber-threat-to-uk-business-2017-2018/file

http://www.nationalcrimeagency.gov.uk/890-the-cyber-threat-to-uk-business-2017-2018/file


• Why should cybercrime matter to me?

• Social engineering what do you need to know?

• Common cyber threats

• Steps you can take to help protect yourself and your business

What we will cover


Why should cybercrime matter to me?


1. Barclays commissioned research to tackle SME cybercrime, published 25th April 2018.

2. Get Safe Online and Action Fraud figures, based upon crime report to the National Fraud Intelligence Bureau totalling a business loss of £1,079,447,765

between 31/03/2015 and 31/03/2016.

£35,0001

The average cost of a breach is of businesses surveyed have

experienced an attack1

44%

95%of losses are attributable

to human error2

Cybercrime cost

50,000jobs1

Why should you care?


Phishing and spear phishing Malware

Impersonation fraud Data theft


Survey Deliver Breach Affect

Stages of a cyber attack


Survey DeliverSocial Engineering

Social EngineeringRemovable devicesMan in the middleImpersonation

Stages of a cyber attack


Social engineering – what do you need to know?


““

Social Engineering

The clever manipulation of the natural human tendency to trust

Tony Blake


Social Engineering

The scammer’s toolkit

Create a sense of authorityWe tend to comply with authority rather than follow our conscience..

Create a sense of consequenceWe tend to be loss-averse and will seek to avoid a negative consequence.

Create a sense of urgencyWe make worse decisions under stress and time pressure.

Appeal to our vanity or greedWe struggle to resist opening that email attachment which promises to tell.


Spoof emails trying to get the

recipient to:

• Click on a link

• Open an attachment

• Give away information

• Make a payment

Phishing Vishing Smishing

Spoof phone call trying to get

the recipient to:

• Divulge security details

• Pay money


Spoof text message call trying

to get the recipient to:

• Click on link

• Pay money


• Call premium number

Key types of social engineering


From email details can be easily spoofedTo: [email protected]: [email protected]**URGENT** ACCOUNT COMPRIMISE

Dear Business Owner,

We are contacting you as your account has been compromised. In order to reactivate your account you need to access the recovery link below and verify your details.

www.business.com/account_recovery

YOU WILL NOT BE ABLE TO ACCESS YOUR ACCOUNT UNLESS YOU ACT NOW.

Kind regards

Your ContactAccount ManagerBusiness

Links can be easily spoofed hover your cursor over the link to check the destination URLwww.malicious_link.co.uk

Subject line designed to encourage action

General or unusual greeting

Phishing

http://www.business.com/account_recovery

http://www.malicious_link.co.uk/


Phone call with fraudster pretending to be from bank, HMRC or a large business asking for pass codes, pin numbers, verification codes or personal information.

Phone call with fraudster pretending to be from fraud department or police saying that there is a fraud occurring on your account. They try and make you transfer funds to a “safe account” whilst they investigate. They may even know some information about your account.

1

2

Vishing


My Bank

Balance - £2756.07

Deposit - £567.00 (your work)

Debit - £1569.45 (card payment –onlineshop.co.uk)If this wasn’t you please call 000000000 or click here

HMRC

Your are due a refund of £3765.87 for overpayment of income tax. To claim your refund please fill in this form and the transaction will be processed in 3 working days.

Smishing


• Never reveal personal or financial data including usernames, passwords, PINs, or ID numbers. Remember that a bank or other reputable organisations will never ask you for this information or to move your money – whether by email, call or SMS

• Do not assume a caller is genuine because they have some basic information about your account and don’t trust caller ID – it can be manipulated to display a genuine looking number

• Do not allow remote access to your computer – Barclays will never ask for this

• If you receive such a call, hang up and call the Barclays fraud team using official contact details held on file

• Do not open email attachments from unknown sources

• Do not readily click on links in emails from unknown sources. Instead, roll your mouse pointer over the link to reveal its true destination, displayed in the bottom left corner of your screen. Beware if this is different from what is displayed in the text of the link from the email.

How to avoid social engineering attacks


Common cyber threats


Invoice fraud CEO Fraud

URGENT OVERDUE INVOICE

The Boss

Please pay £32,000 to s/c 000000a/c 12345678 immediately.

You have an invoice that is now 30 days overdue.

Please pay £12,000 to the details below immediately.

S/C 000000A/C 12345678

To: [email protected]: [email protected]: Urgent Payment

I require £20,000 to be transferred to our solicitor immediately.S/C 000000A/C 12345678

If you do not make this payment we will incur fines.THE BOSS

Impersonation fraud


Enabled by cyber

Process is key – verify requests and details

Can be internal request or invoice

Make sure all staff know your processes

Impersonation fraud


Ransomware

•Computer/Network encrypted

•Required to pay a ransom for access

•Fastest growing malware attack

Trojan

•Allows hackers remote access to your systems

•They can alter files, change screens, view activity and use your computer to attack others.

Malicious Software - Malware


Be prepared – make sure that you:

• back up regularly

• update software regularly

• have anti virus/antispyware

software and a firewall.

Be aware of the risks:

• Be careful when you

click on links

• Limit the use of

removable devices

Make sure that everyone is

aware of the risks and how

to mitigate them.

Malicious Software - Malware

1 2 3


Public Wi-Fi – know the risks


Be aware of

the risks

If you wouldn’t

have the

conversation in

public then don’t

send it in public

Think before

you send

information

When on public Wi-Fi

1 2 3


1234561.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Password

12345678

qwerty

12345

123456789

letmein

1234567

football

iloveyou

How secure is your password?


Have a strong password –

use upper case,

lower case, numbers

and special characters

1

#B3Saf3!

2 3Wherever possible set up

– a second step like a code that you

generate or have texted to you

2-factor authentication

Have a

for each

account

different password

Two steps are better than one


Steps you can take to help protect yourself


• User education

Survey

Deliver

• Password policy

• Secure configuration

• Malware protection

Breach

• Monitoring

• Patch

management

• User training

• Network

perimeter defence

• Secure configuration

• User access

Affect

• Controls and continuitymanagement

Action you can take


Some basic guidance

“Please note that the following information is not a comprehensive guide to cyber security and keeping yours and your customers information safe. There can be no replacement for having the expertise of a cyber security professional and regulartesting of systems and networks. We always recommend seeking out professional expertise to ensure you are compliant with all legalities and requirements from a data protection perspective.”

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User Education and AwarenessEducate all your employees no matter what their level or role

Network SecurityAvoid connecting to untrusted networks

MonitoringConstantly monitor inbound and outbound traffic

Malware ProtectionEnsure you have the most up to date version of your chosen software

Information Risk managementEmbed an Information Risk Management Regime across your organisation

Incident ManagementEstablish an incident response and disaster recovery plan

Managing User PrivilegesDo they need the access?

Secure ConfigurationRemove or disable unnecessary functionality

Home and Mobile WorkingProtect data using an appropriately configured Virtual Private Network

Removable Media ControlsLimit removable devices such as USB drives

10 Steps to cyber security


The National Cyber Security Centre (NCSC) brings the UK’s cyber

expertise together to transform how the UK tackles cyber security

issues. Their site contains industry updates, blogs, threat reports

and other useful information.

www.ncsc.gov.uk

A nationally recognised certification establishing that you take cyber

security seriously and have stood up to resilience checks carried out

by a professional body.

NCSC hosts the Cyber Security Information Sharing Partnership

(CiSP), which is a joint industry/government initiative to share

cyber threat and vulnerability information in order to increase

overall situational awareness of the cyber threat and therefore

reduce the impact on UK business.

When signing up you will find a regional group to join that

can help you get started.

Free learning around all things digital, including modules

on cyber security. Great for individuals and businesses.

www.digital.wings.uk.barclays/for-everyone/

Cyber Essentials

What support is available?


Reporting cybercrime


You can report phishing attacks that pretend to be from Barclays to:

[email protected]

Reporting phishing

mailto:[email protected]


•Have strong passwords and use 2-factor authentication

•Make sure that all you software is up to date

•Don’t trust any link, attachment, text or number

•Have processes in place in your business for ALL payments. Make sure everybody know the process

• Take steps to make sure that all your team are aware of the risks and the steps that they can take to help

protect your business.

Barclays will not ask you for your PinSentry codes, PINs or security credentials.

You can check that a Barclays number is genuine before calling it through our

phone number checker at:

www.barclays.co.uk/security/phone-number-lookup/

Remember


• digital.wings.uk.barclays – our platform to educate all staff members in all things digital. Please log on and complete the cyber security module to enhance your understanding

• www.cyberaware.gov.uk – HM Government site – Be Cyber Aware is a cross-government campaign funded by the National Cyber Security Programme

• www.cyberaware.gov.uk/cyberessentials – Cyber Essentials – Government-backed and industry supported scheme to guide businesses in protecting themselves against cyber threats

• ncsc.gov.uk – working with partners across industry, government and academia to enhance the UK’s cyber resilience

• actionfraud.police.uk In the UK report all fraud and cybercrime allegations to Action Fraud:Telephone: 0300 123 2040

• www.barclays.co.uk/business-banking/manage/security/ – articles and videos detailing scams to watch out for and quick tips to help protect you.

• getsafeonline.org – an online resource of advice about staying safe while online

• pcisecuritystandards.org/pci_security/small_merchant – information for small merchants

• http://www.met.police.uk/docs/little_book_scam.pdf - general scam and cyber crime information

Further reading

digital.wings.uk.barclays

http://www.cyberaware.gov.uk/cyberessentials

http://www.cyberaware.gov.uk/cyberessentials

http://www.ncsc.gov.uk/

actionfraud.police.uk

http://www.barclays.co.uk/business-banking/manage/security/

getsafeonline.org

pcisecuritystandards.org/pci_security/small_merchant

http://www.met.police.uk/docs/little_book_scam.pdf


@ BarclaysBizChat Barclays Business UK Barclays Business

Or search Barclays Business Fraud

Keep connected

Stay up to date with business hints and tips through social media


Barclays is a trading name of Barclays Bank UK PLC and its subsidiaries. Barclays Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 759676). Registered in England. Registered number is 9740322 with registered office at 1 Churchill Place, London E14 5HP.

Disclaimer

This document has been prepared by Barclays Business, a trading name of Barclays Bank UK PLC, and is provided to you for information purposes only, and may be subsequently amended, superseded or replaced. Barclays accepts no liability whatsoever for any loss

arising from the use of this document or reliance on the information contained herein. The accuracy or completeness of any information herein which is stated to have been obtained from or is based upon any third-party sources is not guaranteed by Barclays. All

opinions and estimates are given as of the date hereof and are subject to change. The information in this document is not intended to predict actual results and no assurances are given with respect thereto. © Barclays 2018. No part of this presentation may be

reproduced in any manner without the prior written permission of Barclays.

Barclays digital webinars Introduction to Cyber Security

Barclays is a trading name of Barclays Bank UK PLC and its subsidiaries. Barclays Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the

Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 759676). Registered in England. Registered number is 9740322 with

registered office at 1 Churchill Place, London E14 5HP.

1. Barclays commissioned research to tackle SME cybercrime, published 25th April 2018.

2. Get Safe Online and Action Fraud figures, based upon crime report to the National Fraud Intelligence Bureau totaling a business loss of £1,079,447,765

between 31/03/2015 and 31/03/2016.

What is a Cyber Security webinar?

At Barclays we understand that in this ever changing digital landscape it is more important than ever to protect your business.

This webinar has been designed to give you and your staff an introduction to cyber security issues, empowering you to take practical action to be better protected.

Why should you attend webinar?

You are concerned about the potential risks and threats of cyber security and online fraud.

You want to ensure you and your staff are up to speed with the latest threats and prevention techniques.

You want to understand what help and support

is available for SMEs.

What does a webinar include?

An overview of cyber security and what it means for businesses.

A look at the main cyber threats and how to help prevent them.

Tangible next steps to help you and your staff stay safe and secure online.

Additional support and information that can

help you on your journey.

How to book a webinar

To book a webinar or to find out more, speak to your Business Banking Manager or Relationship team.

Webinars are available Monday to Friday between 8:00am – 4:00pm and delivered at a time that suits your business.

You will need a desktop/laptop computer

and telephone .

1

Did you know

£35,000 is the average loss to an SME from successful cyber attacks.1

44% of businesses have suffered an attempted cyber attack.1

95% of losses from cyber attacks result from human error.2

Let’s go forward

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