We recently held a Business Risk Review (BRR) Seminar with HMRC. Adam Cartwright, a Corporate Compliance Manager (CCM) at HMRC co-presented with us to provide an update on HMRC's Business Risk Review Process and also provided additional insight on a current campaign being led by HMRC in relation to employee expense reviews. In this article we highlight the key messages from the seminar and action companies need to consider.
Companies and groups qualifying under the Senior Accounting Officer legislation (UK turnover of £200m or gross balance sheet assets of £2bn) or with EUR 750m worldwide turnover are required to publish a UK tax strategy on their website by the end of the first period beginning on or after 15 September 2016.
From 30 September 2017 a new corporate criminal offence for failure to prevent facilitation of tax evasion came into force.
December 2017 saw many companies publish their tax strategy, as regulations came into force requiring large companies to produce a public tax strategy for accounting periods starting after 15 September 2016. The majority of the FTSE100 have now published their tax strategy. With continuing public and media interest in companies’ tax affairs, many companies will want to understand how their tax strategy compares to others.
With the GDPR now in force, explore the findings from our Readiness Assessments, compiled over two years and across 15 different industry sectors, and consider how well prepared is your business?
With the 25 May General Data Protection Regulation (GDPR) implementation date fast approaching we will be looking back on the journey we have been on since Thursday April 14, 2016 when the GDPR was finally approved by the EU Parliament. We will be sharing insights around the challenges of the data transformation journey that many are facing and how they should be planning to move forward in the GDPR ‘live environment’.
GDPR will apply to employers from 25 May 2018, updating existing regulation for the digital age. It will have a significant impact on the way employers collect, process, retain and share personal data relating to employees.
On 19 March, HMRC published their response to the business risk review (BRR) consultation.