• Dunnell Accounting

20.04.2018: Existing Clients

Welcome to our first newsletter! We hope you enjoy reading about updates and important information for you and your business. We want to ensure that the information we provide in our newsletters is relevant to you so if you have a subject you wish to see here then please do let us know and we'd be happy to include it in our schedule. 

The first big news item is the new GDPR rules, these rules have been set by the EU and will change the way we have to store client data. Failure to comply with the new rules could result in a hefty fine so it is something that needs to be addressed. The new rules come in to place from the 25th May 2018 and you need to make sure you are compliant by this date. 

What data does the GDPR protect - 

- General information held, name, address etc

- Racial or ethnic data

- Biometric data

- Sexual orientation

- Political opinions

- Health and genetic data 

- Web data 

Who does the GDPR affect 

All companies that store data about EU citizens within an EU state, even if their company is not registered in the EU. 

What are the penalties for non-compliance

The maximum penalty that can be imposed is the greater of - 

- 4% of annual global turnover 

- €20 million 

To small businesses, these are scary amounts so it is worth the time to read up or go to a seminar and familiarise yourself with the requirements. 

So what do I need to do

- Ensure that you are only taking the minimum amount of data you require from your customers / clients / employees

- Keep the data that you acquire secure

- Ensure it is relevant and up to date

- If you no longer need the data then destroy it securely 

- If a subject asks you to remove its data from your records then do so

- Allow the subject of the information to see it on request

- Reconfirm with your mailing list that they are still happy to be on it 

The Information Commissioner's Office also has a great tool to help you to assess your compliance and find out what you might need to do. Click

Making Tax Digital is the second big news item, the earliest date this will apply from is April 2019 but it is worth getting to know the requirements early and be ahead of the changes. 

MTD is a new way that businesses will have to compile and submit their data to HMRC, it will see the end of the Government Gateway and submissions will only be allowed through 3rd party cloud based software. Eventually this will apply to all Self-Assessment clients also and will require quarterly submissions and payment of tax liabilities rather than yearly. Currently VAT registered business will have to be MTD compliant by April 2019

The good news is that all of our clients who are currently using Xero (an amazing 75%) will be MTD compliant by the time they are required to do so! Those clients who are not using Xero or another cloud based software currently, we will be working with you over the next 12 months to ensure that you are, prioritising the VAT registered clients first. 


Dunnell Accounting


4 views0 comments

Recent Posts

See All

03.03.2021: Budget Summary 2021

The much-anticipated Budget has been announced today and we are pleased to set out our summary on some of the points raised. Furlough Scheme The CJRS been extended until 30th September 2021 under the

19.02.2021: VAT Deferral – Q1 2020 Payment Options

HMRC have issued further guidance on the options for payment for the deferred Q1 2020 VAT return liabilities, this deferral was automatic last year following COVID support for businesses. If the defer

06.01.2021: Lockdown support announced 5th January

As you may have heard already, the Chancellor announced that the Government will be offering businesses in the retail, hospitality and leisure sectors grants to help during this 2021 lockdown. The new