GDPR & MTD

Posted on March 7, 2018

Hope everyone has managed to cope with the Arctic chill and the thaw out that’s been causing havoc in certain parts of the UK.

 

So it may be an opportune moment to throw a curve ball or two into the mix and send a reminder about the advent of;

General Data Protection Regulations (GDPR)

(Is there anyone who hasn’t as yet heard of it?)

The inception date of 25 May 2018 is looming larger with every passing day.

A few may be under the illusion that it’s an “EU Regulation” and therefore won’t apply to us in the wake of Brexit.

This is a myth that must be dispelled……………..

So, are you aware of your obligations and have you taken steps to implement the new regulations?

If not, may we suggest that one starts to prioritise this and seek professional guidance.

 

General guidance can be found on the ICO Website.

 

Secondly, it is also worth noting about the next Digital Hurdle, namely MTD

Making Tax Digital

 

Her Majesty’s Revenue and Customs (HMRC) has issued plans to make businesses file quarterly information with them.

 

How individuals and businesses interact with HMRC is changing.

 

Keeping your financial records will become increasingly digital and most businesses will need to use software or apps to keep business records – the days of manual record keeping are numbered.

 

There are exemptions, but for most businesses with turnover above the VAT Threshold (£85,000) you will need to start planning for Digital Tax now, as it will become compulsory to submit VAT Returns through MTD compatible software from April 2019.

 

Most Software Houses will have MTD Compliant products available so please contact your particular supplier to ensure that your software will meet the regulations.

 

More information can be found on HMRC site.

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