H M Revenue & Customs (HMRC) has announced that it will be introducing new security procedures for business tax accounts. From September 2017, businesses using online tax accounts will be required to register for 2 Step Verification (2SV) if they’re not already using it.
Many individuals will already be familiar with 2SV as it is widely used for online banking and Personal Tax Accounts. In addition to entering a password, 2SV requires those logging in to enter a code which is sent to a mobile phone or landline.
HMRC have assured business tax account users that registration for 2SV is ‘quick and easy’ and will result in significantly improved security.