New Business Laws 2021 Uk

New year, new legislation: what businesses need to know in 2021 The EU`s General Data Protection Regulation (GDPR) 2018 governs how organisations process and use personal data to provide better protection for consumers. GDPR affects every aspect of a business, from how you build your customer database to how you market your business. Failure to comply can result in a hefty fine – up to €20 million (approximately £18 million) or 4% of global annual turnover – whichever is higher. There are some exceptions for companies with fewer than 250 employees. From the new financial year 2022, all UK companies subject to corporation tax will have to pay a principal rate of 19% on all profits without a barrier above £250,000. This share is expected to increase further to 25% in 2023. Sellers can also declare these sales via the OSS VAT return. However, as this applies only to intra-Community supplies, companies in Great Britain (England, Wales and Scotland) remain largely spared. A small rate of gain (SPR) will be introduced for companies with profits of £50,000 or less, so they will continue to pay 19% corporation tax.

Guidelines to help companies understand their obligations under the National Security and Investment Act have been published. Employment status has been a hot topic in the UK in recent years, as many companies, particularly in the digital space, have implemented operating models that move away from more traditional employment arrangements. Simply put, for MTD, this means for VAT businesses that it is no longer legal to copy/copy and paste information to select and move information, whether within software or between software. The new free software avoids companies having to register for VAT in each EU country where they sell, although this remains an option and the use of free software is not mandatory. First, you need a right of performance. Trademarks are one of the most important intellectual property rights related to trademark protection and a strong portfolio of registered rights is essential. Trademarks are defined in the Trade Marks Act 1994 as signs that distinguish the goods or services of one company from those of another company. Trademark owners can also rely on distribution (which protects customers), copyrights, design rights, and registered domain names, depending on the circumstances. Some intellectual property rights arise automatically (e.g. copyrights, rights in unregistered designs), but others require registration (e.g. trademarks and domain names).

Licenses or other rights-related actions may also need to be registered. Medium and large businesses, including businesses with 50 or more employees, cannot receive multi-purchase promotions such as “Buy one, get one for free” or “3 for 2” offers on HFSS products. The pandemic has accelerated the digital capabilities of many companies, but the pace of “digitization” for non-digital businesses can lead to unknown tax jurisdictions and therefore potentially more controversial taxes. For example, companies may find that their management of intangible assets has increased and therefore they need to understand the relevant tax system. The law also gives the government the power to restrict events and close business premises if necessary to prevent coronavirus transmission or avoid the deployment of medical or emergency personnel. Industry regulators are constantly updating regulations and legal obligations – and keeping pace can be a real challenge for SMEs. Here are the key areas you need to focus on to ensure your small business complies with compliance rules and regulations. One example is a recent amendment to a tax avoidance act. As of April 2021, private sector employers will have to follow the same rules as the public sector with respect to RI35 – also known as “non-pay work rules”. This means that private employers now face a stark choice: continue to treat contractors as contractors and risk a hefty fine if HMRC disagrees or treats them as employees with the additional costs and responsibilities that come with it.

However, with appropriate measures, entrepreneurs and businesses can ensure that they are not violating RI35. Other measures include a new statutory right to take voluntary emergency leave to assist in health or social care for workers who are certified as appropriate by a local authority, the NHS or the Department of Health, and who work in businesses with 10 or more employees. Today (Monday, 15. November 2021), further guidelines were published to help companies understand their legal obligations under the NSI Act. You will need to determine if you have 52 or 53 weeks in your pay year and submit your final full payment submission (WPS) (and possibly the Employer Payment Summary – EPA) by April 19. Needless to say, as of January 1, 2021, most businesses immediately turned their attention to Brexit. This was the day when the UK was no longer covered by European Union (EU) laws and regulations, forcing a customs border with EU countries (with the exception of Northern Ireland). Editor`s note: This article was first published on January 21, 2021 and updated to determine its relevance.

Since the end of the Brexit transition period, the government has gradually changed customs regulations. Until 31 December 2021, businesses importing goods into the United Kingdom from the European Union (excluding Ireland) had 175 days to submit a full customs declaration after the goods were physically imported. The ability to defer reporting ended on January 1, 2022. Businesses must now comply with all customs requirements, with most having to declare and pay the corresponding duties at the point of importation. But learning the requirements now and preparing ahead of time can make all the difference when it comes to working towards a successful 2021. Self-employed individuals using the Coronavirus Self-Employment Income Support Scheme (SEISS) must submit their first extended application no later than 29 January 2021. From July 2021, businesses selling (B2C) services subject to VAT in the country of destination will be able to declare and pay EU VAT through a single EU VAT return. The UK government has published the Plan for Digital Regulation, which sets out the approach to regulating technology in the UK. It aims to take an agile and proportionate approach, removing unnecessary regulatory burdens for digital businesses and enhancing trust among digital businesses and consumers. Key areas of focus include: To ensure your business is compliant, you need to regularly review and update all your legal documents, including agreements, contracts, forms, letters, policies and procedures. This applies to all areas and includes everything from labour and commercial law to taxation to health and safety.

As an employer, you will need the following documents: It has been reported that debit cards are the most commonly used method of payment in the UK. Cash usage is expected to continue to decline due to the COVID-19 pandemic, as many businesses opt for card-only payments. Since April 2019, businesses with turnover above the £85,000 VAT threshold will have to file their VAT returns digitally with the government. From 1 April 2022, businesses that collect VAT but have a taxable turnover below the £85,000 VAT threshold will also have to file their VAT returns digitally using the software compatible with Making Tax Digital.