THE new GDPR comes into effect on 25th May 2018; the main concepts and principles are much the same as those in the current Data Protection Act. We are now living in a data-driven world which is very different to when the Data Protection Act came into effect, and as a result the new GDPR has a more detailed definition of personal data, for example an IP address is now recognised as personal data. This reflects the changes in technology and how we communicate information.
Under the new rules, websters, as your tax, legal and accounting advisers has a lawful basis for processing your data. It enables us to provide the service(s) which you have appointed us to do. However, this does not allow us to contact you for example with legislation updates, marketing surveys or details of events we are holding, without your consent. You MUST actively opt in to these communications.
Please note that it is a requirement for those that trade as a company to keep financial records for 6 years from the end of the last company financial year they relate to, or longer, if they show a transaction that covers more than one of the company’s accounting periods, so this may be slightly under 7 years. For individuals who file tax returns, financial records should be kept at least 5 years after the 31st January deadline of the relevant year, although HMRC can look back at your affairs over six years if they believe they have cause to. In view of this, websters retain all client records for 7 years. It is also our policy that even where a client comes to us for one off advice only, we retain their records for this period of time in case of any review by HMRC.
Over the next few weeks you will be receiving emails from us headed General Data Protection Regulations; these will notify you what you need to do to allow us to continue to communicate with you and will offer you various opt in /out choices. It is extremely important that you read these emails carefully and respond.
If you have any questions regarding GDPR then please do not hesitate to contact the office on 01223 507080 or email us.