Whilst there has been a steady stream of bureaucratic work loaded onto businesses over recent years there has been nothing as onerous as the General Data Protection Regulations, which will imminently be in force by 25th May 2018.
This article concerns payrolls, and the effect GDPR will have on the existing system. In case anyone thinks that these new regulations can be brushed under the carpet, the maximum fines for non-compliance are up to €20m or 4% of an organisation’s worldwide turnover…
Does GDPR apply to me and my company?
The simple answer is YES. Practically every organisation has staff and thus a payroll and HR details, so this is not just for the big battalions. As in most legislation of this kind, it requires record keeping and for control systems to be recorded.
What requirements do I need to reach?
Businesses must assess the formalities required, demonstrate that the data subject has given consent and that compliance has been met. All personal data must be identified. This data also needs to be kept fresh. In due course companies will be required to extract any individual’s personal data on request – of course ensuring that no one else’s data is attached.
If you feel overloaded with GDPR and think our services could benefit you and your company, don’t hesitate to contact us. For help with Payroll, you can reach Kate on 01252 733683 or via email Payroll@mspsecretaries.co.uk and for assistance regarding Share Registration please contact Simon on 01252 821390 or via email firstname.lastname@example.org