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The latest news and opinion from Wolters Kluwer experts for tax, accounting, audit and small business professionals

Record fine for Carphone Warehouse: What it means for GDPR

By Greg Gillet on 16-Jan-2018 10:57:53

The Information Commissioner’s Office (ICO) recently fined Carphone Warehouse £400,000 for security breaches following a cyber-attack that the company suffered in 2015.

Although the fine, imposed under the current Data Protection Act, is among the highest issued by the ICO, it’s dwarfed by the potential fines available under GDPR, coming into force on 25 May 2018; these will be up to a maximum of €20 million or 4% of global turnover, whichever is higher.

So why was the penalty for Carphone Warehouse so high?  And what should organisations now do to protect themselves from action under GDPR?

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What GDPR means for your website

By Greg Gillet on 18-Dec-2017 13:19:30

The General Data Protection Regulation, which will come into effect across the EU on 25 May 2018, will have a profound effect on business systems, workflows and internal processes. 

For many practices, the firm’s website is one of the primary touchpoints with new and future clients.  It’s often the first point of contact, a place to introduce your team, explain your services and collect vital contact data from enquirers.  Which means your website is in the front line when it comes to GDPR compliance.

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GDPR survey:  How ready are accountants?

By Paul Brace on 06-Dec-2017 12:39:31

With less than six months until the General Data Protection Regulation (GDPR) comes into force, how well prepared are accountants to deal with the impact of the new data protection laws?   We recently surveyed over 100 individuals from UK accountancy practices to find out.

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What does digital exclusion mean for MTD?

By Greg Gillet on 05-Dec-2017 09:14:10

Digital exclusion is the inability to access online products or services or to use simple forms of digital technology.

Certain groups could be exempted from the digital aspects of MTD on the grounds of being digitally excluded, but what about those who are merely “digitally challenged”, those unwilling to engage in the digital future rather than genuinely excluded from it?  Read this short guide to digital exclusion and find out how digital exclusion might affect your practice and your clients.

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Budget: November 2017

By Greg Gillet on 22-Nov-2017 15:26:55

What’s in store for the UK economy?  Now that “Spreadsheet Phil” has presented his latest forecast and plans to Parliament, we summarise the main points in the 2017 Budget.

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Time to get digital:  Guide to MTD

By Wolters Kluwer News on 21-Nov-2017 14:09:56

As tax professionals think about how to prepare themselves and their clients for Making Tax Digital, we’ve drawn together useful background information, a short FAQ, implementation timetable and wider timeline information into a simple guide to MTD.

You can download this useful resource straight from this blog article.

 

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Planning your next tax season

By Greg Gillet on 07-Nov-2017 08:00:00

Already, many tax advisors are looking forward (if that’s the right word!) to their busiest time of the year – the run-up to 31 January.  What can be done to prepare?  Better still, how can this year’s lessons become the basis for next year’s improvements?  We asked Kevin Reed, a writer and freelance journalist with extensive experience of the profession, to find out how some of them are approaching the task.

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Reporting data breaches under GDPR

By Paul Brace on 01-Nov-2017 13:46:52

GDPR imposes a new obligation on data controllers to report data breaches.  In this article we’ve summarised guidelines recently published by the GDPR Article 29 Working Party.  By clarifying key concepts and describing how data controllers should act in a number of example scenarios, it will help accountancy practices comply with the new data protection regulations that come into force in less than seven months.

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Keeping accountancy practices safe

By Greg Gillet on 30-Oct-2017 10:48:45

As Platinum Sponsor for this year’s event, we recently invited Graham Cluley, public speaker and independent computer security analyst, to address the Annual Conference of the AIT, a group which draws its members from IT professionals working in the Top 60 UK accountancy firms.

After the event we caught up with Graham to talk through what he sees as the top security threats facing the profession.

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Keeping up the MTD momentum

By Phil Thornton on 24-Oct-2017 14:03:08

Mandatory quarterly reporting will now begin in April 2019 (for VAT), with quarterly reporting for income tax and NI joining it 12 months later.  Having already started working towards digital tax processing, many advisors are now wondering how to maintain the momentum that they’ve built up.

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