What is GDPR?

What businesses need to know

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What is GDPR? What businesses need to know

The government is to introduce new data protection rules under the General Data Protection Regulation (GDPR) which takes effect from 25 May 2018.

What is GDPR (General Data Protection Rules)

GDPR explained

What is the GDPR?

Under the GDPR businesses will have increased obligations to safeguard the personal information of individuals which is stored by the business. These rules apply to the information of customers, suppliers or employees. Generally for those who are currently caught by the Data Protection Act it is likely that you will have to comply with the GDPR.

GDPR will apply to data ‘controllers’ and ‘processors.’ Processing is about the more technical end of operations, like storing, retrieving and erasing data, whilst controlling data involves its manipulation in terms of interpretation, or decision making based on the data. The data processor processes personal data on behalf of a data controller. Obligations for processors are a new requirement under the GDPR.

What does GDPR apply to?

The GDPR applies to personal data which is wider than under the Data Protection Act (DPA).

One key change to the current DPA rules is that those affected will have to show how they have complied with the rules. Proof of staff training and reviewing HR policies are examples of compliance. Under GDPR, higher standards are set for consent. Consent means offering people genuine choice and control over how their data is used.

Overall, the aims of GDPR are to create a minimal data security risk environment, and to protect personal data to rigorous standards. For most organisations, this will entail time and energy getting up to speed with compliance procedures. Reviewing consent mechanisms already in place is likely to be a key priority. In practice, this means things like ensuring active opt-in, rather than offering pre-ticked opt-in boxes, which become invalid under the new rules.

Organisations will also have to think about existing DPA consents. The ICO’s advice is that:

‘You should review how you seek, record and manage consent and whether you need to make any changes. Refresh existing consents now if they don’t meet the GDPR standard.’

Where the current consents do not meet the new GDPR then action will be needed.

The fines for non compliance are severe at up to 20 million euros or 4% of total worldwide annual turnover (if higher).

The Information Commissioner’s Office (ICO) has published some very useful information and a 12 step planning guide to help organisations get ready ahead of the May 2018 deadline.

CLIENT TESTIMONIALS

Glentworth Security transferred our accounting to Sibbalds in 2013.

During this time Hari and his team have provided excellent support to us through completing regular management accounts and telephone support.

In 2023 Hari was involved in my purchase of Coast Services (UK) Ltd.

Not only did he do an excellent job in assisting with the process which at times was stressful he and his team took on additional work allowing me to concentrate on completing a smooth purchase.

As part of this process Sibbalds have:
- Taken on completion of management accounts for both Glentworth Security Ltd and Coast Services (UK) Ltd.
- Assisted with the implementation of Xero in both companies.
- Provided support for invoicing and payment reconciliation.
- Completion of P11d’s
- Payroll
I cannot recommend Sibbalds highly enough. Not only does Hari and his team provide excellent support to both businesses but he also goes the extra mile to understand our businesses and assist in achieving our goals.”
Russ Webster
Glentworth Security Ltd
We started up our business without much prior knowledge or experience of accounting, which was by far the most daunting part about starting the business for us, and we can safely say that Sibbalds have been a undeniable help.

They have supported us with everything from the start, including the initial set up, all the way through to transitioning from a sole trader to a limited company. They have always been there to assist with our “what on earth does this mean” moments, and if we ever needed a question answered quickly Jay was always there to support us, and explain processes and systems in a way that we could understand, which has been immensely beneficial and extremely appreciated.

Thank you Sibbalds!

Woody Arnold
Hippo Guitar Ltd
From the early days of the company formation to the high growth we are now seeing, Hari and the team at Sibbalds have always supported us with a first-class service and been the business lifeline when we really needed it.

Helping to deal with company accounts, R&D claims, grant audits, funding advice, director/shareholder changes and general advice.

I would not hesitate to recommend to local businesses.

Tim Telford
Devtank Ltd
We’ve been with Sibbalds Accountants for the past 4 years, working closely with Jay and his team. They’ve been a huge help in making our business more efficient.

Having regular meetings with Jay has made a real difference. He breaks down our financial info in a way that makes sense, helping us see our business more clearly. This has allowed us to focus on what really matters and grow our business.

What we appreciate most is Jay’s attention to detail and the way he and his team really care about getting things right. We don’t have to worry about mistakes in our finances, giving us peace of mind to concentrate on our work.

Jay goes beyond just crunching numbers – he gives us practical advice that has improved how we run things. It’s like having a partner who’s as invested in our success as we are.

In a nutshell, working with Sibbalds Accountants has been a game-changer for us. They make things simple, help us understand our business, and genuinely support our growth.

We’re happy to recommend them to any business looking for a down-to-earth, reliable accounting partner.

Thomas Waggett
Unite Flooring Ltd