How To Use GDPR Regulations To Reduce Your Corporation Tax
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Did you know that you are now supposed to put a provision aside in your accounts
each year to protect against a breach of GDPR claim!?
Think of it exactly the same as Banks having to put money aside to cover expected
PPI claims. Did you know, for example that Lloyds Bank made an “accounting
provision” of £1.8billion in their Accounts in 2019 which reduced their declarable
pre-tax profits by….97%!....and thus their Corporation Tax bill reduced by a
similarly enormous percentage.
Just to be clear, making a “provision” does not mean actually spending the money on insurance against a GDPR claim (no such insurance currently exists) and nor does it mean keeping the money aside in your company bank account “just in case”.
It is simply a “potential cost” you can declare each year in your company accounts that thus reduces your overall perceived profit and thus tax payable. In reality however you can then take this money you have “provisioned for” and spend it on anything you want!
This means you can keep more money in the business or you can spend it on enhancing the business instead of paying more tax!
Many Accountants still don’t seem to have caught up with these new rules yet so don’t just presume they will tell you about it.
Example:
This service is available on a No Win No Fee basis.
On successful completion of this GDPR compliance process the fee is 30% of the tax rebate or tax saved plus £2500 for required GDPR compliance report and IT.
If you would like to know more about this service, simply click on the link below and complete the quick enquiry form or email us at enquiries@princewealth.co.uk and we will be in touch.