The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Cyber security - don’t get caught out 16 November 2016
The Chancellor of the Exchequer has launched the National Cyber Security Strategy which is built on three core pillars: defend, deter and develop.
Cyber crime is a major threat to the UK; an accountant discovered this the hard way when he lost £100,000 to a cyber criminal.
HMRC’s tax agent blog posted the case study about the accountant who received an email, claiming to be from the firm's Managing Director. The email referred to a deal being completed that morning. According to the email, lawyers were handling paperwork and all the accountant needed to do was transfer funds to complete the deal. The accountant acted on what he thought was the authority of the Managing Director, and transferred the large sum of money to the company outlined in the email. As the morning progressed, it became clear the real Managing Director had no knowledge of the email requesting funds. Unfortunately, the email had been fake, even though it looked genuine. The money - equivalent to one year’s profit - had been transferred to a cyber criminal. Insurers would not cover the loss and the police are yet to catch the cyber criminal.
Incidents like this happen every day across the UK. Cyber security is crucial to businesses security and, for HMRC, the protection of customers and their data remains a priority.
To learn more about cyber security, you can visit the National Cyber Security Centre on GOV.UK .
If you would like to report fraud and cyber crime, you can do so by visiting Action Fraud .
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Finance Bill 2017 draft legislation published 6 December 2016
Today is commonly known as L-Day, short for Legislation day where the government publish the draft legislation for many pre-announced measures under the Finance Bill.
Over the next few days you will see several individual publications of draft legislation on the CIPP news pages which will detail the measures that the Policy Team has been involved in over the past year or so.
However the government has also published is a useful overview of draft legislation which contains the list of measures and a summary of each one - a very handy reference tool.
About Finance Bill 2017 The government has committed to confirming the majority of measures for inclusion in the Finance Bill at least 3 months prior to introduction of the Bill itself and, where possible, to publish draft legislation for each of these measures. This provides taxpayers with certainty about future tax changes and allows time for pre-legislative scrutiny. The consultation on draft clauses is intended to ensure that the legislation works as intended. The final contents of Finance Bill 2017 will be subject to confirmation at Budget 2017. Many of the measures covered here were first announced at Budget 2016 and, where appropriate, consultations on policy have been carried out over the summer. The government’s responses to these consultations are mostly published on the GOV.UK website.
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The Chartered Institute of Payroll Professionals
Policy News Journal
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