It’s important to stay up to date with the latest trends, changes and legislation to ensure your business is compliant and keeping up with the times.
There are plenty of key changes happening in the world of business throughout 2019 so here at TWVA, we thought it would be helpful to highlight a few important dates over the next three months to be aware of.
Brexit – 29th March 2019
With a matter of weeks left before the UK leaves the EU on 29 March, Bank of England governor Mark Carney has warned that half of UK businesses are not ready for a no-deal Brexit, according to it various recent surveys.
But is this surprising given many small businesses have had little guidance as to what to expect after this date?
We won’t claim to be Brexit experts(!) but we know how much information there is to wade through on this topic so we wanted to recommend a few helpful points of reference that may assist you in planning ahead in your business.
‘Business Brexit checklist’ – The British Chambers of Commerce has created this to help businesses consider the changes that Brexit may bring to their firm, and help business planning at both operational and Board levels.
‘FSB Brexit Pack’ – The Federation of Small Businesses (FSB) has published this guide outlining all the main Brexit ‘end state’ outcomes, including what will happen in the event of a no deal (with no transition period) scenario. The guide also includes a business continuity/contingency planning chapter which sets out what a good contingency plan should cover.
‘Government Guidance’ – The government has created a tool where you answer 7 simple questions to get guidance relevant to your business. You will learn:
- what your business will need to do to prepare for the UK leaving the EU
- what’s changing in your industry
- information on specific rules and regulations
Making Tax Digital – 1st April 2019
Making Tax Digital (MTD) is part of a HMRC initiative designed to make paying tax easier, more efficient and effective for taxpayers.
A live pilot started with a select group of businesses and agents in October 2018 but it is aimed that from 1st April 2019 VAT registered businesses above the VAT threshold will have to start keeping digital records and submit their VAT returns using a compatible software system such as QuickBooks or Xero. Other areas such as income tax and corporation tax have been placed on hold until April 2020.
To find out more and stay up to date with the latest news on MTD, visit the Gov.UK website.
GDPR – 25th May 2019
This time last year businesses all over the globe were busy preparing for the General Data Protection Regulations (GDPR) to come into force on 25th May 2018. But a year on, do we still need to be worrying about GDPR?
Quite simply, yes.
Data security is something that needs to be reviewed regularly to ensure your business is still compliant. This includes reviewing the systems and programs you have in place. Prior to the launch of GDPR, well recognised businesses such as Mailchimp, Dropbox and Facebook (which are all based outside of the EU) had to demonstrate they were compliant with the new regulations and apply for a Privacy Shield. However, just because they were awarded these Privacy Shields when GDPR went live, it doesn’t mean they are still compliant. This, therefore, makes it imperative to review what personal data you are collecting, storing and where/who it is being stored with on at least an annual basis to ensure you are keeping up with the regulations yourself.
Given our previous mention of Brexit, it’s important to note that Information Commissioner Elizabeth Denham has said: “The Government has made clear that the General Data Protection Regulation (GDPR) will be absorbed into UK law at the point of exit so there will be no substantive change to the rules that most organisations need to follow.”
To find out more about GDPR, read our blog on how GDPR will have a positive impact on your business.
If you would like any assistance with MTD or GDPR, please give us a call us on 07760 222906 or drop us an email at email@example.com and we can book you in for a free 30 minute consultation to discuss how we can help you.