The Information Commissioner's Office (ICO) is warning SMEs to take care or face a fine. The warning comes after a company which suffered a cyber attack was fined £60,000.
The investigation by the ICO found Boomerang Video Ltd based in Berkshire failed to take basic steps to stop its website being attacked.
Sally Anne Poole, ICO enforcement manager, said:
'Regardless of your size, if you are a business that handles personal information then data protection laws apply to you.'
'If a company is subject to a cyber attack and we find they haven't taken steps to protect people's personal information in line with the law, they could face a fine from the ICO. And under the new General Data Protection Legislation (GDPR) coming into force next year, those fines could be a lot higher.'
'Boomerang Video failed to take basic steps to protect its customers' information from cyber attackers. Had it done so, it could have prevented this attack and protected the personal details of more than 26,000 of its customers.'
Further details of the case can be found using the links below together with guidance on data protection issues including guidance on the new General Data Protection Regulations which come into effect on 25 May 2018.
From April 2018, Land Transaction Tax (LTT) will replace Stamp Duty Land Tax (SDLT) in Wales. Land and Buildings Transaction Tax (LBTT) already applies in Scotland.
Like SDLT (and LBTT), LTT will generally be payable on the purchase or lease of a building or land. The new tax may therefore be relevant to house buyers and sellers and businesses including builders, property developers and agents involved in the transaction process (such as solicitors and conveyancers).
Rates of the new tax
The proposed tax rates and bands will be announced by October 2017.
Additional residential properties
Higher rates of SDLT and LBTT apply to purchases of additional residential properties, including second homes. The National Assembly for Wales has confirmed these increased rates will continue to apply in Wales under LTT.
More details can be found at National Assembly for Wales.
Internet link: gov.wales/land-transaction-tax
The Office for Tax Simplification has published their recommendations on simplifying the corporation tax computation.
This report sets out some significant steps towards creating a 21st-century corporation tax system in the UK, responding to calls from businesses of all sizes to make the calculation of corporation tax simpler, with fewer changes and more time to plan. The report looks at four broad themes:
- simpler tax for smaller companies
- aligning the tax rules more closely with accounting rules where appropriate
- simplifying tax relief for capital investment
- a range of further issues affecting the largest companies.
We will keep you informed of developments in this area.
Internet link: GOV.UK review CT
The Queen delivered the 2017 Queen's Speech on 21 June which set out the government's agenda for the coming parliamentary session. The speech outlined the government's proposed policies and legislation.
This Queen's speech announced that the government will focus on:
- delivering a Brexit deal that works for all parts of the United Kingdom and
- building a stronger, fairer country by strengthening our economy, tackling injustice and promoting opportunity and aspiration.
The supporting documentation confirms 27 Bills and draft Bills which are expected to be in the legislative programme, which will deliver on these themes. Details of the Bills that the government propose to introduce are available via the links at the end of this article.
The Speech and supporting documentation make little reference to delayed tax measures which were put on hold prior to the Election or the progress of the legislation on Making Tax Digital for Business. The reference to tax legislation states:
'The programme will also include three Finance Bills to implement budget decisions. Summer Finance Bill 2017 will include a range of tax measures including those to tackle avoidance. The programme will also include a technical Bill to ratify several minor EU agreements and further Bills, which will be announced in due course, to effect the UK's withdrawal from the EU. The government will also be taking forward a range of other measures which may not require primary legislation.'
We will update you on developments.