Highlights from 2018 and what’s in store for 2019
Take a look at the big events that happened in the world of finance and at SAP Concur last year and some of the big changes we’ll be thinking about in the next twelve months.
The finance world in 2018
On 6 April 2018, all employers were required to increase their contributions into their staff's automatic enrolment pension to at least 2%. Staff contributions also increased to 3%, bringing the total minimum contribution up to 5%.
On 25 May 2018, the General Data Protection Regulation (GDPR) came into effect. There is no doubt the regulation required a lot of work from businesses in ensuring their data privacy standards were up to scratch. It’s also clear the regulation was much needed in putting the balance of power back into the hands of individuals.
By the time November 2018 rolled around, every eligible business had a requirement to report under the Duty to Report legislation. The legislation was designed to tackle the late payment culture in the UK but if our report back in July was anything to go by, businesses may already be falling behind in their obligation.
Revealing SAP Concur research
Here at SAP Concur, we commissioned research reports in 2018 that gave us some very interesting insights:
- We learned that SMBs with an automated T&E process are saving an average of nearly £22,000 annually while invoice solution users are saving nearly £25,000 annually
- We heard from 500 UK finance leaders about their growth strategies in a changing economic landscape
- We also celebrated the fact SAP Concur was ranked as the market leader in travel and expense solutions.
What does 2019 hold?
So if that was 2018, what does 2019 have to offer? Here are some of the things on the financial horizon you need to be thinking about now.
Let’s start with the big one. At the time of writing, the UK will leave the European Union on 29 March 2019. We will then enter the transition period, which will last until 31 December 2020. It’s likely those 21 months will see a flurry of activity as businesses prepare for the new post-Brexit rules that will come into effect. Read how SAP Concur is supporting its customers as they prepare for Brexit.
Making Tax Digital
Making Tax Digital makes fundamental changes to the way the tax system works and transforms tax administration so it is more effective and more efficient. It’s part of HMRC’s ambition to become one of the most digitally advanced tax administrations in the world.
From 1 April 2019 VAT-registered businesses with a taxable turnover above the VAT threshold are required to use the Making Tax Digital service to keep records digitally and use software to submit their VAT returns. There is more information on this change on HMRC’s website.
Increased pension contributions
Following on from 2018’s increase, the minimum contributions businesses and their staff pay into their automatic enrolment workplace pension scheme will increase again from 6 April 2019. Employers will be required to pay 3% and employees will be required to pay 5%, bringing the total contribution to 8%. For more detail, see The Pensions Regulator website.
What does 2019 hold for your business?
Whether you’re planning double digit growth, a steady upward trajectory or simply want to maintain the status quo, let’s hope 2019 delivers. If you’d like it to be the year you put an end to the chore of manual, paper-based processes, book a call with an SAP Concur consultant now.