ICAEW - Institute of Chartered Accountants in England & Wales

GDPR

New data protection rules from General Data Protection Regulation (GDPR) will replace the Data Protection Act in the UK from 25 May 2018.

GDPR is designed to safeguard personal data of citizens from EU member states, with particular emphasis on transparency and accountability. It applies to all businesses in the EU and non-compliance will lead to substantial fines.

The new GDPR is a regulation which is intended to strengthen and unify data protection for all individuals within the European Union (EU). The regulation will become a law without exception in the UK from 25 May 2018. The government has confirmed that the UK’s decision to leave the EU will not affect the commencement of the GDPR.

The government has also confirmed that the UK will replace the 1988 Data Protection Act (DPA) with legislation that mirrors GDPR, post-Brexit. This means that any business, big or small, will be required to comply with GDPR - which deals with secure collection, storage and usage of clients’ personal data.

Failure to comply with the regulation can result in heavy fines of up to €20 million or 4% of the businesses’ annual turnover (whichever is higher amount).

Internet link: ICO guide to GDPR

07 Apr 2019

MTD for VAT

HMRC is phasing in its landmark Making Tax Digital (MTD) regime.

07 Apr 2019

Reporting Benefits in Kind - Forms P11D

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2019, are due for submission to HMRC by 6 July 2019.

07 Apr 2019

Additional Brexit advisory documents for small businesses

The government has published additional documents containing advice on Brexit for UK small businesses.