February 2018 Issue NO. 3
Monthly Newsletter by Avencia
Welcome to our third newsletter! The end of the tax year is looming again and we will be in contact towards the end of April with regards to preparing 2017/18 tax returns.
Important – General Data Protection Regulation
There are major changes to the way in which businesses must handle personal data, with effect from 25th May this year. This new legislation (abbreviated to ‘GDPR’) introduces more stringent rules as to how data is stored and used i.e. for mailing lists or, just how you keep any data whatsoever relating to your customers. We are expecting more practical advice on how GDPR will affect small businesses to become more readily available as we approach this date in May.
I expect an important factor in ensuring you are compliant will be that appropriate computer security is in place to help prevent the chance of cyber-crime, where personal data you hold could be taken.
Since ‘personal data’ includes day to day information such as a customer name and email or, a telephone number for example, this legislation will affect nearly every business and, must be taken seriously.
We for instance, will be required to issue new engagement letters to all of our clients to ask express permission to hold their personal data, also detailing our policy on how long data is stored for.
Please see the guidance on the Information Commissioner’s site for more information (https://ico.org.uk/for-organisations/guide-to-the-general-data-protection-regulation-gdpr/) or feel free to contact us if you have any concerns.
Tax relief on professional subscriptions
HMRC have recently updated their list of tax-deductible professional subscriptions which are available to employees and directors.
Tax-free childcare roll out
The new government scheme which started in April 2017 is to be made available to all eligible parents by 14th February 2018.