March 2018 Business Newsletter - Albert Goodman

General Data Protection Regulations (“GDPR”) on 25 May 2018, and the ... that you review the website and in particular the GDPR: 12 Steps to take now ...
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MAR 2018

CHARTERED ACCOUNTANTS, TAX CONSULTANTS & FINANCIAL PLANNERS

NEWS

In this issue: General Data Protection Regulation ‘GDPR’ >>

View from the cloud - Client case study >>

Benefits of preparing your tax return early >>

P11DS >>

2018/19 Tax year >> Bad debt relief >> Hinkley Point - How can we help you? >>

Important changes to Auto Enrolment >> Book-keeping... I do that once a quarter when my VAT’s due... that’s ok isn’t it? >>

Welcome Michael Cahill - Partner There is a saying that “If you’re not moving forwards you’re moving backwards” and this will certainly be true over the next 12 months as lots of changes come into effect including the introduction of General Data Protection Regulations (“GDPR”) on 25 May 2018, and the introduction of Making Tax Digital for VAT in 2019. On top of this there is the never ending changes in tax rates and allowances, the continual development and improvement of cloud accounting technology (and related apps), and of course there will be changes happening in your own industries!! In my experience successful business owners are skilled at adapting to change, and with change comes opportunity. For example, the new GDPR regulations create an opportunity to demonstrate to customers that you are serious about looking after their data, to improve the quality of customer data held, and ensure your engagement with customers is only in areas they are interested in. Properly organised data will allow you to deliver a better customer service, an improved experience for the customer, and therefore for those who adapt best, and stand out from the crowd, there is a competitive advantage to be gained which could help accelerate business growth. Within this newsletter, we have articles on some of the topics mentioned above as well as other areas such as a reminder of VAT bad debt relief, which is topical following the collapse of Carillion, Toys R Us and other high profile businesses recently. I hope that you find something of interest in this issue, and please do contact us if you have a business issue that you would like to discuss further.

General Data Protection Regulation ‘GDPR’ Sophie Parkhouse - Director From 25 May 2017 the data protection regulations are changing as the new General Data Protection Regulation “GDPR” will be implemented. The GDPR applies to all EEA countries, and every individual and organisation trading with them, regardless of size. Although the UK is to leave the EU a data protection Bill will incorporate all of the GDPR as well as introducing new provisions to enable the UK to continue to be GDPR compliant. Whilst the data protection rules are being refreshed they are not being fully rewritten. The new regulations build on the current data protection act by adding enhancements in areas where the ways in which we work and the technology that we use differ from that of twenty years ago. The ICO has a range of resources on their website in order to support you with the implementation of the GDPR and these can be found here. Please be aware that this guidance is not yet finalised, and may change, as the ICO are continually updating this section of their website as new developments are made. We would recommend that you review the website and in particular the GDPR: 12 Steps to take now document, as failure to comply with the regulations can bring significant penalties of €20 million or 4% of worldwide turnover.

www.albertgoodman.co.uk

Benefits of preparing your tax return early Sophie Harris - Assistant Manager “I hate being up against a deadline!”, crosses my mind as I make a start on this article, having avoided it until submission day. Appropriate (or not), given the subject… the benefits of getting your tax return submitted early: 1. Firstly, get that weight off of your shoulders! That awareness that you are putting it off but at some point you will need to face it. The chances are your tax return will actually become m