April 2018 Issue NO. 5
Monthly Newsletter by Avencia
Welcome to our April Newsletter! We’re now in the new tax year and will be in contact shortly with regards to 2017-18 personal tax returns. This month Aaron took over as Chair of the Wimborne Chamber of Trade and envisages continuing to organise useful training and networking events in the town, among other annual events.
GDPR
The new General Data Protection Regulation penalties will be in force on 25th May so it is important that you have taken the necessary steps to stay compliant. This will hinder those who use personal data (such as an email address) for marketing but it will be equally important for anyone holding personal information i.e. on a staff member, to ensure they have up to date policies and procedures in place. If you would like any help and advice on what action you need to take, please don’t hesitate to get in touch or visit the Information Commissioner’s Office.
Tax-Free Childcare
There are many employees who receive help from their Employers with childcare costs by way of salary sacrifice. The government scheme of Tax Free Childcare was due to close to new joiners from April, however this has been delayed for a further 6 months.
Employer Updates
HMRC’s latest Employer Bulletin has been released for the new tax year and provides various useful updates, including new rules for termination payments and minimum wage increases.
Making Tax Digital
The first phase of HMRC’s Making Tax Digital has been legislated and will begin in April 2019 for VAT; with other taxes due to follow in April 2020. Ensuring your book-keeping software is compliant is key, as businesses will no longer be able to submit VAT returns manually through HMRC’s website from April 2019 onwards.