You’ll have to figure out the correct rate of VAT for your product and industry, as well as decide which VAT scheme best suits your business in terms of cash flow and when you submit your VAT returns. You can register online, and you’ll then need to provide information about your business such as its legal structure and owner. If you’ve earnt £85,000 in the last 12 calendar months or are going to earn over that in the next three you’ll need to do your VAT registration. But as a rough guide, to be VAT compliant you must: Make sure you’re VAT registered You don’t want to be surprised.ĭon’t have an ERM program? Learn more about ERM for midsize companies in our latest report, ERM: Not Just for the Big Guys.The rules for VAT vary based on the specific nature of your work and industry, and what type of VAT accounting is suitable for your business. Know what your risks are and address them up front if something goes wrong you may be looking at business disruptions, damage to your reputation, lost customers and more. If you have an enterprise risk management (ERM) program in place, make sure the cloud is part of your strategy. If you’re moving to the cloud, be smart-weigh costs and benefits, and evaluate options carefully. Evaluate how well the application integrates with existing applications (both in the cloud and at your location). Does your provider meet that? How often is maintenance performed? How are customers notified of scheduled down time? What is the disaster recovery plan? Are full backups taken at least daily? Are there redundant sites and systems? Industry standard uptime is greater than 99 percent. What controls are in place for transmitting data to your cloud provider and storing data securely? Is customer access secure? How are security breaches handled, and how soon are customers notified? (Ask for a SOC2 report to help assess data protection and security.) What happens to your data if you switch vendors or if a vendor goes out of business? Will it disappear? Will it be deleted securely? Will it cost to transfer your data from the vendor at the end of the contract? Also, different countries provide different legal protections, so if your provider moves its data center to another country there could be serious consequences for you.ĭata ownership and migration. Where is your data being hosted? Data protection and privacy regulations in many countries specify where certain employee data can be physically located. Here are a few risks to consider:ĭata location. Even though someone else is managing your data, you are still responsible for what happens to it. You don’t control the platform, and your company’s critical data (about employees, finances, customers, etc.) is being stored outside your premises with a third party. And with so many cloud-based applications available and more hitting the market constantly, it definitely is the way of the future (if not the present).īut the articles I’ve read tend to focus on the benefits, and working in the cloud is not without risks. There are a lot of reasons this makes sense-among other things, the cloud can provide greater efficiencies, reduce costs, enhance productivity, remove geographic barriers and improve disaster recovery. I hear a lot about the many virtues of moving to the cloud.
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