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 https://ico.org.uk/for-organisations/business
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.