FactSheet Archives - Page 3 of 12 - Three Kings Accounting

Data Security – General Data Protection Regulation

The General Data Protection Regulation (GDPR) replaced the Data Protection Act and applies from 25 May 2018. Whilst there are similarities between the Data Protection Act and the GDPR, there are some new elements and significant enhancements. The GDPR requires all organisations that deal with individuals living in an EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection. Failure to comply with the regulation will result in significant fines.

Inheritance Tax Avoidance – Pre-Owned Assets

Inheritance tax (IHT) was introduced approximately 30 years ago and broadly charges to tax certain lifetime gifts of capital and estates on death. With IHT came the concept of ‘potentially exempt transfers’ (PETs): make a lifetime gift of capital to an individual and, so long as you live for seven years from making the gift, there can be no possible IHT charge on it whatever the value of the gift.

Occupational Pension Schemes: Trustees’ Responsibilities

Many employers offer their staff an opportunity to save for their retirement through an occupational (or company) pension scheme. Those employees who join the scheme need to have confidence that the scheme is being well run. The role of pension scheme trustees is very important in ensuring that the scheme is run honestly and efficiently and in the best interests of the members.

Register of People with Significant Control

All companies (except certain listed companies) are required to keep a register of people with significant control (PSC register) and, file relevant information at Companies House. This requirement is in addition to those in respect of existing registers. The requirement to keep a PSC register has the objective of increasing transparency over control and ownership of UK companies. However, this places additional obligations on companies, their officers and the people with significant control over them.

Valuing Your Business

There are many reasons why you may need to calculate the value of your business. Here we consider the range of methods available as well as some of the factors to consider during the process. It is important to remember throughout that valuing a business is something of an art, albeit an art backed by science!

Data Security General Data Protection Regulation Ensuring Compliance

The General Data Protection Regulation (GDPR) replaced the existing Data Protection Act and applies from 25 May 2018. The GDPR requires all organisations that deal with individuals living in a EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection. Failure to comply with the regulation will result in significant fines.

Charities: Trustees’ Responsibilities

It is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated. Whether you are already a trustee for a charity, be it a local project or a household name, or are thinking of becoming involved, there are a number of responsibilities that being a trustee places upon you.

Directors’ Responsibilities

The position of director brings both rewards and responsibilities upon an individual. Whether you are appointed to the Board of the company you work for or you are involved in establishing a new business and take on the role of director you will feel a sense of achievement. However the office of director should not be accepted lightly. It carries with it a number of duties and responsibilities. We summarise these complex provisions below.

Insuring Your Business

When starting a new business, you will no doubt recognise the need for insurance. It can provide compensation and peace of mind should things go wrong but can also represent a significant cost. In this factsheet we consider the different types of insurance you need to consider.

Payroll – Basic Procedures

In order to set up a Pay As You Earn (PAYE) scheme with HMRC it is necessary to contact the New Employer’s Helpline on 0300 200 3211 or register online via the GOV.UK website. As an employer you will be responsible for operating PAYE and calculating National Insurance Contributions (NICs). There are also certain statutory payments you may have to make from time to time which you need to be aware of.