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Ready for 2018!

We hope you had a happy Christmas

Catherine Chapman :: Tuesday 23rd January 2018 :: Latest Blog Posts

Ready for 2018!

CBA Services Limited hopes you all had a lovely Christmas and New Year celebrations. In addition to this, by the time you read this you should have:

1. Submitted your Tax Return for the year ended 5 April 2017
2. Paid your balancing payment for 2016/17 and if applicable your first payment on account for 2017/18
3. Updated your income position for the Child Tax Credits and Working Tax Credits.

I have recently undertaken a check to ensure all of the Companies and sole traders that I act for are registered with the Information Commissioner's Office and was shocked at the number that were not (they are now!) and I thought perhaps this may be something that businesses are unaware of. There are also new data protection rules coming in in May so I will keep you updated.

Registration with the Information Commissioner's Office

For all those who are self-employed or who are employed by a company who retains individual's personal data, if so, have you registered with The Information Commissioner's Office (ICO). The ICO is the UK's independent body set up to uphold information rights and enforce laws governing privacy.

On 25 May 2018 new data protection laws come into force in the UK and across the EU – the General Data Protection Regulation (GDPR). GDPR will provide more protection for consumers, giving them more control over their data, and more privacy considerations for organisations.

The Data Protection Act 1998 requires every organisation that processes personal information to register with the ICO, unless they are exempt. Failure to do so is a criminal offence. In addition to this penalties will arise if you hold personal information and are not registered, in addition to the penalty that will arise if there is a data breach.

Registration is a simple process which you can do yourself – it only takes approximately 10 minutes. Go to https://ico.org.uk/registration/new and you will need:

• your credit/debit card or other payment details;
• details about the organisation you are registering, e.g. Companies House number (if applicable), name, address;
• details about the types of data you process; and
• details about the number of staff you have (if applicable) and your turnover.

Other matters:

• Do you have an accountant? HMRC has updated its "standard for agents". This forms HMRC's aim to raise the standards for agents. I would therefore recommend that you ensure your agent is affiliated with a professional body.
• Is your business VAT registered? Then this is a quick reminder that VAT Returns will need to be submitted through Making Tax Digital and this will apply to your business first VAT period which begins on or after 1 April 2019.

Do you run a business and would like to join the Downsman Business Support Group, then please come along to the next meeting which is being held at the Parish Office on the revised date of 8 February 2018 at 9.30am.

If you need assistance with any accountancy or tax related matters, please contact Catherine at CBA Services Limited on 01258 840306/07895 913546/Catherine@cba-services.co.uk

Whilst care has been taken in preparing this publication it is for information only. It is not, and should not be construed, as advice and accordingly no reliance should be placed on the information contained herein.