POWER IN NUMBERS - ISSUE #24
Get ready for the new data protection rules. Making Tax Digital for VAT. Delay to roll-out of tax-free childcare. What will the impact of the budget be for your business? Delay in the abolition of Class 2 NIC. Automatic enrolment: Minimum contribution levels due to increase in April 2018 and April 2019. Sir Clive Woodward OBE shares his secrets to success with businesses in the South.
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The following news articles are in this issue:
Get ready for the new data protection rules
The government is to introduce new data protection rules under the General Data Protection Regulation (GDPR) which take effect from 25 May 2018. Under the GDPR, businesses will have increased obligations to safeguard the personal information of individuals which is stored by the business. These rules apply to the information of customers, suppliers or employees. Generally, for those who are currently caught by the Data Protection Act it is likely that you will have to comply with GDPR. GDPR will apply to data 'controllers' and ...
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Making Tax Digital for VAT
The government has issued information on how Making Tax Digital for Business (MTDfB) is expected to work for VAT once the rules are introduced in April 2019. Under the proposed rules, which have been issued subject to consultation, VAT-registered businesses with turnover which is more than the VAT registration threshold will be required to submit their VAT return digitally using software. Businesses with a turnover above the VAT threshold (currently £85,000) will have to: keep their records digitally (for VAT purposes only) pro...
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Delay in the abolition of Class 2 NIC
The government has announced that it will introduce legislation to abolish Class 2 national insurance contributions (NIC) and to make further proposed NIC changes in 2018. The measures the legislation will implement will now take effect one year later than previously announced; from April 2019. These measures include: the abolition of Class 2 NIC paid by self-employed individuals, reforms to the Class 1A NIC treatment of termination payments (the £30,000 rule) and changes to the NIC’s treatment of sporting testimonials. On 2 N...
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Delay to roll-out of tax-free childcare
The government has announced a delay to the roll-out of tax-free childcare which was expected to be fully implemented by the end of the year. From 24 November 2017, the service became available to parents whose youngest child is under 6 or has their 6th birthday on that day. Parents can apply online through the childcare service which can be accessed via the Childcare Choices website. In April 2017, HMRC started rolling out the childcare service via a single website through which parents can apply for both 30 hours free childcare and ta...
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What will the impact of the budget be for your business?
The post-election Budget, a first Autumn Budget, included a number of significant tax changes. This Budget also began to reveal the government’s approach to tax policy in preparation for Brexit. Rothmans hosted a free Budget Seminar in Southampton on 23 November to provide a timely insight into the budget’s impact for businesses and private individuals in the region. Guest speaker was tax expert, Tim Good, whose lectures to professional audiences across the UK are renowned for being both highly informative and entertaining....
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Sir Clive Woodward OBE shares his secrets of success with businesses in the South
Hundreds of business owners in the South have had a rare opportunity to share in the secrets of how to create high-performing business teams from Rugby World Cup winning coach and businessman, Sir Clive Woodward OBE. Sir Clive was the keynote speaker at this year’s Business Leaders Lecture, hosted by Rothmans Accountants, at the Hilton, at the Ageas Bowl, Southampton. As well as working at the highest level in a number of elite sporting roles, including as England’s Rugby first full-time head coach and Director of Sport for Te...
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Automatic enrolment: Minimum contribution levels due to increase in April 2018 and April 2019
By law, on 6 April 2018, all employers are required to increase their contributions into their staff's automatic enrolment pension to at least of 2%. Staff contributions will also increase so that their contributions make up the shortfall needed to bring the total minimum contribution up to 5%. Contribution levels will rise again on 6 April 2019, with the employer paying a minimum of 3% towards the pension, and the total minimum contribution reaching 8% – with staff making up the 5% difference. The table below shows the minimum...
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