Here at SEE Ahead we like to trawl the internet, subscribe to newsletters and keep abreast of all the latest business news that affects our sector. Anything we find of interest we post here.
GDPR self-assessment checklist for sole traders
The Information Commissioner’s Office (ICO) has published a new self-assessment checklist to help sole traders and the self-employed comply with the General Data Protection Regulation (GDPR) and the Data Protection Act 2018. After a sole trader uses the checklist, they will receive a rating from the ICO which shows how successfully they are meeting their data protection duties. The checklist also includes practical guidance and resources to help sole traders and the self-employed understand and comply with the new data protection laws.
Employers need to be aware of new employee payslip rules
Businesses are being reminded that there are just six months to go until new legislation comes into force that requires all workers to be provided with itemised payslips.
Ex-minister urges reform of taxation to help social enterprises
Justine Greening, a former education secretary, tells a fringe event at the Tory conference that socially beneficial business is becoming mainstream, and the tax system needs to recognise that. The former education secretary Justine Greening has called on the government to reform business taxation to help social enterprises.
Smaller charities failing to meet accounting standards
A significant proportion of smaller charities are submitting annual returns and accounts that do not meet the required standard, according to research published by the Charity Commission for England and Wales. The research has revealed that almost 40% of charities with an annual income below £25,000 provided reports and accounts that failed to meet the commission’s standards. According to the commission, smaller charities often rely on staff with insufficient knowledge of their accounts to complete their annual returns, which is resulting in avoidable mistakes.
SEYH 2018 AWARD NOMINATIONS ARE OPEN
The nominations are open for the SEYH Awards 2018. There are 6 awards this year, Social Enterprise of the Year, Social Entrepreneur of the Year, Social Impact, Social Investment, Start up and a brand new awards category, Tech for Good. The awards ceremony will take place on Thursday 31st January 2019 at Aspire Igen in Bradford and it will be a night to celebrate the many things we have all achieved throughout 2018. You can access the Information and Nomination pack here which has all the information you need to know about the awards and how to apply for them.
Four in ten businesses unaware of MTD (Making Tax Digital)
Around 40% of businesses that will need to comply with Making Tax Digital (MTD) are unaware of their requirement to make digital returns, according to research from ICAEW. MTD will require most businesses operating above the VAT threshold to keep digital records for VAT purposes from April 2019. However, 25% of VAT-registered businesses still use paper-based accounting systems, meaning they will need to upgrade to MTD-compatible accounting software. The research has revealed that 34% of businesses surveyed plan to rely on their accountant or tax adviser for MTD advice, and 20% have not started preparing for its introduction.
SEYH are running a Let’s Talk Good Finance event
In partnership with Big Society Capital, SEYH are running a Let’s Talk Good Finance event on the 23rd October 2018 at Voluntary Action in Leeds.
This event is aimed at those who are thinking about social investment and want a chance to listen to others who have been on this journey, including the ups and down, and speak to potential social investors.
Treasury scraps planned cut to Class 2 NICs
A proposed tax cut for the self-employed has been scrapped by the Treasury. The abolition of Class 2 NICs was originally due to be introduced in April 2018, but was delayed by 12 months. It was expected to save over three million self-employed workers an extra £130 a year if they made a profit of £6,205. The Federation of Small Businesses has said the move is “extremely disappointing” and John McDonnell, shadow chancellor, has described the move as “yet another betrayal of the self-employed”.
Charity Commission publishes new annual return
This year’s annual return for charities will include questions on staff pay, overseas funding sources and safeguarding policies.
New measures to support community organisations
The DCMS has published its Civil Society Strategy which outlines a range of measures to bring together business, charities and the public sector. Measures in the strategy include £60 million to improve access to social investment for charities and social enterprises, and £20 million to help community organisations. Funding will also be provided for charities and social enterprises to develop enterprise models which help increase their income.