GDPR, General Data Protection Regulation, Data Security, Data Storage, Caerphilly Accounting, Caerphilly Accountant, GDPR accounting compliance, Binding Corporate Rules, Security, Storage, Compliant cloud accounting

Data Security, Data Storage & GDPR

Caerphilly Accounting is committed to being GDPR (General Data Protection Regulation) ready when GDPR compliance comes into effect on 25 May 2018.

As a Practice we take the security of our clients very seriously. We utilise a number of industry standard mechanisms at our disposal to achieve this.

All our client information held on our cloud accounting software passes through a 256-bit Secure Sockets Layer (SSL) technology. The servers are hosted by “The Bunker” an ISO27001 certified, geographically isolated military grade hosting facility.

Your accounting information is held on multiple live databases in case of failure, where snapshot back-ups are taken every minute and transferred from the software providers servers to the off-site, asymmetrically encrypted, servers within seconds of the snapshots being taken.

Naturally, your data is your own. You can export your financial figures and financial reports at any time.

There is further file storage in the cloud of the information we collect from you for our files, using Binding Corporate Rules (BCRs), which are generally considered the gold standard around the world for personal data protection. The information we collect from you are for specified and legitimate purposes, and will not be processed in any further capacity that doesn’t meet these purposes. Our provider for cloud storage received their BCR in August 2016 for both a controller and a processor, and can legally transfer data between the European Union and the United States.

We believe effective data protection is a combination of data security and data privacy. In former years significance has been placed on data being secure with data privacy not being subject to a similar level of scrutiny. The regulations surrounding GDPR are broad in nature with many organisations now questioning their compliance strategy. Here at Caerphilly Accounting our clients can be assured that we take their data security and data privacy very seriously, and we are compliant with GDPR.

new tax and nic rates

New tax and NIC rates, how will they affect you?

There was an increase in the Chancellor’s first Autumn Budget of the tax-free personal allowances and National Insurance thresholds from the 6 April 2018. Have you considered the effect the changes will have on your tax bill?

The Chancellor in the Autumn Budget of 2017 uplifted the personal (tax-free) allowance and basic rate band towards the target that he indicated he would set for this parliamentary term. He also increased the National insurance thresholds to align with the tax-free amendments. Below is a table showing the current and next year’s tax and NIC thresholds, including tax allowances.

If the income you earnt for the current tax period (2017/18) and the next tax period (2018/19) is greater than the personal allowances plus the basic rate band, the uplift will save you £340 of your income tax bill, However, NIC would’ve cost you an extra £103, if you are a company director or employee, or £73 if you are self-employed or a partner in a business. There is therefore a net saving of £237 or £267, respectively

For those director shareholders who use a combination of a low salary plus dividends the changes to the dividend nil rate band will have an effect on your tax bill for the tax period 2018/19.

The effect of the changes to a higher rate taxpayer with at least £5,000 of their income for the current tax period 2017/18 and £2,000 in the next tax period 2018/19 taken as dividends, they will pay an extra £199 in tax on the same income.