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Glasgow
+44 (0)141 221 2984

Edinburgh
+44 (0)131 225 6366

Stirling
+44 (0)1786 451745

Dumbarton
+44 (0)1389 765238

Hamilton
+44 (0)1698 459444

French Duncan

Blog

The impact of GDPR on the public sector

With the recent General Data Protection Regulation (GDPR) impending, you might well be among the scores of those now anxiously assessing business systems and processes to make sure you do not violate the new Regulation come execution on 25th May 2018.

GDPR impact on the public sector
The GDPR compliance will become United Kingdom law in May 2018, paving the way for much more stringent rules for the collection and storage of sensitive information on top of increased control for regulators. As the public sector in the UK holds everything from biometric data to tax records, it is essential that organisations take action now to make sure they are in line with the GDPR compliance. GDPR will bring in a cycle of strict obligations around intelligibility and subject opt-ins with harsh fines for establishments which fail to conform. Public sectors will also be required by the law to employ data protection officers and have strict measures in position to identify and report data infringements.

While most people would expect the public sector organisations to be proficient at keeping records secure, the realism can regularly be quite the opposite. As a result, establishments must necessitate being exceptionally aware of these transformations as they can face very harsh fines in the situation of non-compliance. The GDPR law applies to processors and controllers that are managing the personal data of the European citizens. Possibly one of the very crucial things to bear in mind is that this new directive applies to ANY organisation gathering and processing private data of persons living in the EU, irrespective of the corporation's physical locality. 

GDPR as an opportunity for organisations 
GDPR makes the public sector and other organisations accountable for documenting data processes, requesting explicit permission from EU locals for gathering their data. This can include erasing data on request, alerting residents that their information will be processed or reassigned to another service giver, and distributing demanded data in a planned and commonly employed format in a timely approach.

While new directives rarely offer new benefits for the public sector and other corporations, the mastering of statistics provides an unparalleled opportunity for them to have a better understanding on what data they possess, and how it is related to the organisations and individuals with whom they interrelate. If done correctly this could bring direct advantages that permit them to enhance client contentment, develop operational competence, hone tactics and market segmentation, progress upsell and cross-sell openings and maybe also improve the corporate image.

Preparing for GDPR is extremely important and could save you considerable fines in the future. To learn more about the implications of GDPR or to get in touch with one of our experts, please visit our website.

Check out my other GDPR related blogs:

GDPR – The importance of accountability

GDPR – What does it mean for SMEs and how do you prepare?

The importance of GDPR compliance within the hotel industry

GDPR preparation for charities

SMEs unclear which way to turn on fraud

This blog was originally posted on LinkedIn on 9th March 2018.

A common theme of cybercrime is that victims of online fraud, such as online money transfer fraud, often struggle to convince banks of their innocence. The picture is equally grim for businesses as it recently emerged nearly six out of ten small and medium-sized enterprises (SMEs) in the UK do not know which authorities can help them deal with fraud.

This worrying figure came from the latest release of the Close Brothers Business Barometer (CBBB). The CBBB is a quarterly survey which questioned one thousand UK and Republic of Ireland SME owners and senior management across a range of sectors and regions. 

The CBBB found firms with ten or fewer employees were the least likely to know which organisation to contact. Regionally, businesses in the East Midlands were the least knowledgeable when it came to the framework for fraud authorities.

Of those surveyed, 13% of SMEs said they had been a victim of fraud, and that figure more than doubled (to 27%) for London-based firms. The research indicated companies operating services in the print-based sector were most likely to have been the victims of fraudulent activity. 

A separate report from the government’s Cyber Aware Campaign found that the average cost of a cyber security breach for a small business is £1,570 increasing to £19,600 for larger businesses.

According to the CBBB, only a third (35%) of businesses were certain that they were covered specifically against fraud. A slightly higher proportion (37%) acknowledged that they weren’t insured, and the remainder were unsure either way. Insurance against fraud, theft or dishonesty can be obtained either as a stand-alone policy, or as part of more generic cover such as home contents, travel insurance, or legal expenses.

According to the Fraud Advisory Panel, it is also possible sometimes to buy ‘after the event’ insurance once a fraud has taken place, to help fund the costs of civil litigation, asset recovery and/or insolvency.

If you have been the victim of fraud you can contact Action Fraud (www.actionfraud.police.uk/report_fraud), the UK’s national fraud and cybercrime reporting centre.

Check out my other GDPR related blogs:

GDPR – The importance of accountability

GDPR – What does it mean for SMEs and how do you prepare?

The importance of GDPR compliance within the hotel industry

GDPR preparation for charities

 

Furnished Holiday Lets – Making Tax Digital (MTD)

Whilst the introduction of MTD for income tax has currently been put on the back burner by HMRC, they have not ruled out introducing it in near future. They have simply stated that it will not come into force until at least April 2020.

Going forward, MTD will change the current structure of self-assessment and you, as a landlord, will have obligations and reporting requirements that you need to fulfil through quarterly reporting.

If your turnover from Furnished Holiday Letting exceeds the VAT threshold (currently £85,000), MTD will however apply from April 2019, and as a landlord you will be obliged to:

  • keep your records digitally (for VAT purposes only), and
  • provide your VAT return information to HM Revenue and Customs (HMRC) through Making Tax Digital (MTD) functional compatible software

This will significantly bring forward the timescale in which HMRC receive information regarding your rental income and expenses and it is my belief that it will increase the administrative burden on landlords going forward.

As stated there is nothing concrete on the income tax side of MTD at the moment but as soon as the information is available further guidance will be provided.

If you are looking for advice relating to your FHL, please contact French Duncan Tax Senior Jen Kinnear either by email to j.kinnear@frenchduncan.co.uk or call 01786 451 745.

This blog is part of a series of eight, you can see all other blogs here:

1. Furnished Holiday Lets - an introduction & your obligations

2. Furnished Holiday Lets - qualifying conditions & elections

3. Furnished Holiday Lets - Income Tax & Capital Gains Tax

4. Furnished Holiday Lets - Non Resident Landlords

5. Furnished Holiday Lets - VAT

6. Furnished Holiday Lets - Inheritance Tax

7. Furnished Holiday Lets - Conclusion & Services

 

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