Author Bio
{{description}}
My Reviews
My Articles

GDPR is here!

Posted May 23, 2018

 

What is the General Data Protection Regulation (GDPR)?

After more than four years of discussion and negotiation, GDPR was adopted by both the European Parliament and the European Council in April 2016. The underpinning regulation and directive were published at the end of that month.

With an enforcement date of May 25, 2018, the GDPR is designed to unify data privacy requirements across the European Union (EU). If you market to or process the information of EU Data Subjects – which include end users, clients and employees.

GDPR will bring outdated personal data laws across the EU up to speed with an increasingly digital era. The previous data protection laws were put in place during the 1990s and haven't been able to keep pace with the levels of technological change.

When GDPR starts to be enforced by data protection authorities it will alter how businesses and public sector organisations can handle the information of their customers. GDPR also boosts the rights of individuals and gives them more control over their information.

Each member state in the EU operates under the current 1995 data protection regulation and has its own national laws. In the UK, the current Data Protection Act 1998 sets out how your personal information can be used by companies, government and other organisations.

GDPR changes how personal data can be used. Its provisions in the UK will be covered by a new Data Protection Bill, which has now been published by the government.

Individuals, organisations, and companies that are either 'controllers' or 'processors' of personal data will be covered by the GDPR. "If you are currently subject to the DPA, it is likely that you will also be subject to the GDPR," the ICO says on its website. https://ico.org.uk

Both personal data and sensitive personal data are covered by GDPR. Personal data, a complex category of information, broadly means a piece of information that can be used to identify a person. This can be a name, address, IP address... you name it. Sensitive personal data encompasses genetic data, information about religious and political views, sexual orientation, and more.

In the full text of GDPR there are 99 articles setting out the rights of individuals and obligations placed on organisations covered by the regulation. These include allowing people to have easier access to the data companies hold about them, a new fines regime and a clear responsibility for organisations to obtain the consent of people they collect information about.

GDPR FAO’s:

WHEN DOES THE NEW REGULATION START?

May 25, 2018

WHO WILL ENFORCE IT IN THE UK?

The Information Commissioner's Office

WHAT'S NEW?

There are new rights for people to access the information companies hold about them, obligations for better data management for businesses, and a new regime of fines

DOES BREXIT MATTER?

The UK is implementing a new Data Protection Bill which largely includes all the provisions of the GDPR. There are some small changes, but our own law will be largely the same.


  - Read more >>

Inventory Management Systems - Unleashed

Posted Nov 07, 2017

 Taxt For some businesses knowing exactly what you have in stock and how much it cost you are key to ensuring you know exactly what you can sell and at what price to make a profit. Spreadsheets are a risky way to do this and do not offer real time or other people to see what the stock levels are. A good inventory management system is key to ensuring this can be done efficiently and bring profit under scrutiny instantly from anywhere. .  - Read more >>

Inventory Management Systems - Unleashed

Posted Nov 03, 2017

 Taxt For some businesses knowing exactly what you have in stock and how much it cost you are key to ensuring you know exactly what you can sell and at what price to make a profit. Spreadsheets are a risky way to do this and do not offer real time or other people to see what the stock levels are. A good inventory management system is key to ensuring this can be done efficiently and bring profit under scrutiny instantly from anywhere. .  - Read more >>

Are we battening down the hatches before the storm? Spring Budget, first post Brexit.

Posted Mar 09, 2017

 TaxtWell, I have to say, currently small businesses and entrepreneurs seem to be getting a hard time from increased taxes and employment costs and this budget was no exception.With all the Government euphoria that UK has lower employment due to self-employment it also appears that they are now worried that they are not collecting enough taxes as self-employed pay less but also have no job security. One could speculate that the Government is worried that with Brexit there will be a drop in taxes collected and they are ensuring they have the funds to deal with that, which would be prudent. We have noticed since last summer that HMRC are have become stringent getting paid immediately when in the past they would have been more amiable to payment plans for those businesses struggling with cashflow  - Read more >>

Critical business in real time

Posted Mar 06, 2017

 Taxt Every successful business has its finger on the pulse. You need to know the key numbers. Not the numbers in last year’s accounts; they’re out of date. Redundant. You need today’s numbers. And that’s where your cloud accounting system comes in.   - Read more >>

Time is fast running out for UK businesses

Posted Feb 02, 2017

 TaxtDon’t you just love the UK Government? UK businesses are just getting over the huge cost and upheaval from the Automatic Enrolment regime and now we have another one to deal with. You’ll love this.They call it ‘Making Tax Digital’ - Read more >>

Three ways to turn bad debts into good cash

Posted Jan 25, 2016

Bad DebtWe’ve worked with plenty of small businesses that have been hit by the problem of bad debt. So we know how ageing debts can really hold back the growth of a business, not to mention the effectiveness of their long-term plans for the company.   - Read more >>

Auto Enrolment Seminar 9th July 2015

Posted Jun 09, 2015

 Auto EnrolmentI have had many clients asking me about Auto Enrolment and how it will affect them. As I stated in the blog I wrote in March 2015 it will impact ALL businesses that run a payroll and you need to plan for it.   - Read more >>

Automatic Enrolment

Posted Mar 30, 2015

 Auto EnrolmentAll businesses that have a payroll will need to comply with Auto Enrolment. So what exactly is Auto Enrolment? Basically it means that all employees need to be offered a work based pension and in doing this all business must comply with the regulations.   - Read more >>

Impact of Budget 2015 on Small Business

Posted Mar 18, 2015

Impact of Budget 2015 on Small BusinessWow! The budget today definitely had some changes that will impact small businesses. You will now be able to take out more money from your business before paying tax and the point at which you pay higher rate of tax has increased.  - Read more >>

Annual Parties – tax benefit

Posted Nov 24, 2014

Annual Parties – tax benefitChristmas is around the corner and parties are being booked. As a business with employees (directors and potentially employees) you will be able to claim the Christmas party as a business expense as long as it is no more than £150 per head.  - Read more >>

Save up to £2,000 in tax!

Posted Apr 28, 2014

Save up to £2,000 in tax!As of April 2014 if you run a payroll you will be able to save up to £2,000 in employer National Insurance Contributions if you qualify and apply for it.  - Read more >>

What has the 2014 budget got for Small business?

Posted Mar 19, 2014

What has the 2014 budget got for Small business?It appears that the economy is growing but is there anything in this budget that helps small business save money is a key question. Overall the answer would be NO. However, there are some points worth looking at that will be favourable to business owners.   - Read more >>

Mileage allowance

Posted Feb 17, 2014

Mileage allowanceWith the heavy tax on company cars it has become very popular to use your own car for business and then claim back mileage allowance.   - Read more >>

Self-assessment deadline 31st January 2014 and penalties

Posted Jan 08, 2014

Self-assessment deadline 31st January 2014 and penaltiesThe self-assessment deadline for the last tax year is nearly here! After all the festivities it is probably the last thing you want to be thinking about. But if you have not done your 2012/13 self-assessment tax return do make sure that you do it before the 31st January 2014 as HMRC fines are now quite potent and they apply instantly.  - Read more >>

Autumn statement 2013

Posted Dec 05, 2013

Autumn statement 2013From the forecast growth upgrade to lowering of the Government deficit and fall in unemployment it all sounds like the UK is doing great! But the big relief is no double dip recession and the aspiration of better times ahead seems plausible at last.  - Read more >>

Payroll changes - RTI (Real Time Information)

Posted Apr 05, 2013

Payroll changes - RTI (Real Time Information)Do you run a company with employees or are you a sole director of a company? If so then as of the 6th April 2013 you will have to start reporting PAYE information to HMRC in real time as employers. This is referred to as Real Time Information or RTI.   - Read more >>

Record Keeping

Posted Mar 19, 2013

Record KeepingOne question that I’m always asked is “How long do I need to keep my invoices and paperwork for?” The simple answer is 6 years, which is stipulated by HMRC.  - Read more >>