Shipshape: Spring 2018

Simon Robinson’s Viewpoint

Deadlines and Commitments

Inertia is often the default position when any of us are asked to do something boring or complicated especially, when the implementation date seems way off.

One such deadline is the much vaunted EU General Data Protection Regulation (GDPR) rules that come into force on 25 May, which will profoundly change the relationship between organisations and individuals and the use of personal data. There are some fairly hefty fines that are being brought in and a raft of reporting obligations for any breaches. Without a doubt someone will be made an example of so it’s wise to make sure it isn’t you.

We are not immune from the requirements (far from it) and for this reason if you’re a contact of Shipleys and you enjoy reading Shipshape, we are asking you to fill in our mailing subscription form. We want to make sure (and be able to demonstrate) that the information we send you, including Shipshape, is what you want from us. If you’re a client you will continue to receive Shipshape without the need for opting in as it’s part and parcel of relaying relevant information to you. However, we want to make sure we’re sending everyone the right information and we urge all our readers, including clients, to take this opportunity to update your mailing preferences.

Please get in touch to opt in, These new rules around data apply to all businesses. So if you’re a business owner, take a moment to ask yourself if you’re prepared for GDPR. If not, it’s important to act now in order to give yourself plenty of time before the rules come into force in May.

Big wheel keep on turning

It seems like we’ve only just finished with last year’s tax filings and off we go again. So with 5 April just around the corner, we include a helpful roundup of year-end tax planning tips. These include reminders about this year’s ISA limit, tax efficient investments into new and entrepreneurial businesses, and deferral of any capital gains. Unless your marginal tax rate will be higher for 2018/19 make sure you make contributions into your pension by 5 April, subject to the maximum allowance.

And for those of you who run your own limited companies and whose year-end is 31 March, don’t forget that corporation tax relief is available on your corporate pension contributions if they are made by that date.

Shiny happy people

Some important issues have less clear deadlines, but still need to be managed and prioritised. Take employment law for example. In our article about flexible working on page 5, we look at how technological developments and changing attitudes to life and work are enabling an increasing number of people to work irregular hours and from remote locations. If you’re an employer, you’re legally required to properly consider any requests for flexible working arrangements and document your response.

Could it be magic?

Unlike American rapper 50 Cent I’m sure all of us would notice if we had accidentally become a bitcoin millionaire, but in Money Matters on the back page we consider some of the issues around holding a cryptocurrency such as bitcoin as an asset. We give a brief overview of how the blockchain, the disruptive technology that underpins cryptocurrencies, is poised to change how people do business.

Current Issues

Tax update for landlords

In this article for Chestertons, Shipleys Tax Principal Mike Luckett gives a round-up of the latest tax changes which landlords should be alert to.

VAT News – Spring 2022

Our roundup of the latest VAT news includes early termination fees and compensation payments, end-customer claim refunds of wrongly charged VAT, plus revised guidance on VAT grouping registration

Businesses set to pay money laundering levy

Some regulated businesses now face paying an annual charge as part of the Government’s drive to combat international financial crime through newly introduced anti-money laundering levy regulations.