| HMRC phasing out paper VAT returns |
| Wednesday, 31 March 2010 02:57 |
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Firms should be vigilant of phishing attacks as VAT payments become paperless.
Firms should be vigilant of phishing attacks as VAT payments become paperless. HM Revenue & Customs (HMRC) is phasing out paper VAT returns and from the 1 April 2010 all companies with an annual turnover of £1000,000 or more, as well as those registering for VAT on or after the 1 April 2010, must submit VAT Returns online and pay all VAT due electronically. Whilst the move to an online submission process will provide many benefits for organisations, Symantec also warns that it could also provide an opportunity for conmen to launch a new phishing attack with a wave of fake payment reminders. Ross Walker, Director of Small Business UK & Ireland, Symantec, said, "Businesses can sign up to receive legitimate payment reminders from the HMRC but we want to advise business to be extra vigilant at this time to ensure they are not caught up in a phishing attack." "Phishing is a form of identity theft that succeeds by duping the victim into cooperating by appearing to be a legitimate request. If in doubt about the authenticity of an online reminder, do not click on any links and contact the HMRC office directly to verify the source," he warned. "Despite the need to be aware of unscrupulous conmen trying to take advantage of the HMRC initiative, electronic payments made over the internet can be a safe and convenient way for businesses to make VAT payments. We urge organisations not to be worried about the move online as there are some very simple steps to follow which can ensure the safe and secure transfer of financial details online," he said. The HMRC uses leading technologies and encryption software to safeguard data, but by adopting best IT security practice in the workplace businesses can ensure peace of mind during the online move. Steps for secure online payment:1. Secure PCs and/or laptops Maintain active, up-to-date antivirus, spyware and firewall protection in the office and for remote workers. Also keep company operating systems, browsers, and other applications updated with the latest security patches, and avoid completing transaction at wireless hotspots or internet cafes if working remotely. 2. Ignore unsolicited communications Never respond to an email, instant message or phone call asking you to go to the HMRC website to resolve an account problem. This is known as a ‘phishing’ attack and allows cybercriminals to steal confidential information 3. Create a strong password Use at least eight characters with a combination of numbers, letters and punctuation marks and don’t use the same password which is active on other account 4. Check bank accounts regularly Be aware of the transactions the company has authorised and immediately flag any that do not match these records and contact the HMRC 5. Practice physical security Shred any documents that contain identifying information before disposing of them and don’t leave financial documents and sensitive information in an unsecure environment. Newer news items:
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