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General Data Protection Regulation
The General Data Protection Regulation (GDPR) is deemed to be the biggest shake-up in data protection to date and will have an impact on all UK businesses.
It will raise the bar for security, privacy rights and compliance when it comes to keeping your clients' information safe and secure.
The GDPR is designed to "harmonise" data privacy laws across Europe, including the UK Data Protection Act (1998), while also providing individuals with greater protection and rights in the digital domain.
From a business perspective, it means more accountability of what you do with other people's data, especially in terms of how you use it, interact with it and store it.
It will also give clients new rights, with individuals receiving more control over all their personal data as well as extra security and controls to protect data.
When does it take effect?
The GDPR comes into force on 25 May 2018 and will apply to all organisations in the EU, including the UK and regardless of the Brexit vote.
Penalties
Sanctions of £20 million or 4% of your annual turnover, whichever is higher, are in place for non-compliance.
These potential punishments are at the discretion of the Information Commissioner's Office (ICO), the UK's independent authority set up to uphold information rights in the public interest.
However, the ICO states that fines under the GDPR will be necessary, proportionate, and only ever applied as a last resort.
This is something for businesses to be aware of, we do not offer advice on GDPR.
- Home
- About us
- Contact us
- Site map
- Search
- News
- Our services
- International services
- Business
- Starting a business
- Employed or self employed?
- Buying a business
- Initial costs of starting in business
- Proving your credentials to investors
- The tax system for the self employed
- Business deductions
- Claiming expenses
- Choosing your accounting date
- Buying a franchise
- The construction industry
- Preparing your business plan
- Essential record keeping
- The national minimum wage and the national living wage
- Working from home
- Insuring your business
- Tax planning for businesses
- Limited companies
- The tax system for companies
- Forming a limited company
- Pros and cons of limited companies
- Buying a company 'off the shelf'
- Tax and the company car
- Company bonus or dividend?
- Tax saving strategies
- Interest and tax payments
- Companies Act 2006
- Companies House - forms you need to know about
- The law and directors' responsibilities
- Statutory records
- The company secretary
- Getting the company struck off
- Running your business
- Partnerships
- Your employees
- Selling your business
- Starting a business
- Personal
- Tax
- Spring Budget 2020
- Tax rates and allowances
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Patent box
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals
- Green travel allowances
- Mileage allowances
- Vehicle benefits
- Vehicle duties
- Pension premiums
- EIS SEIS and VCT
- ISAs
- Stamp and property taxes
- Air passenger duty rates
- Landfill tax
- Charitable giving
- Annual tax on enveloped dwellings
- Diverted profits tax
- Tax credits
- State pension
- VAT
- An introduction to VAT
- Value added tax
- Bad debt relief
- Issuing VAT invoices
- Recovering VAT on staff expenses
- Fuel scale charges
- When to add VAT
- Deregistering from VAT
- Cash accounting scheme
- Flat rate scheme
- Annual accounting scheme
- VAT dos and don’ts
- VAT inspections
- How to survive the enforcement powers
- Group VAT registration
- VAT Mini One Stop Shop (MOSS)
- Reverse charge VAT for construction services
- PAYE and NI
- IR35
- Tax and business calendar
- Budgets and Statements archive
- Calculators
- Career opportunities
- Our clients