Industry lowdown: MTD, GDPR and new software releases

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Here's a round-up of some of the most popular items on our Industry Insights page, with MTD and GDPR among the most viewed topics. This month, the Industry Insights page has been updated with an improved new look and the latest updates can now be found below the top stories on the homepage.

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Jordans: GDPR – The devil’s not in the detail

The General Data Protection Regulation (GDPR) has attracted a lot of press attention, but there are more elements involved when it comes to organisations operating in the UK.

The GDPR sets out basic data protection, but EU member states will be able to decide how to implement certain parts. In many areas, UK organisations will be required to comply with additional laws that will be detailed in a new Data Protection Act. 

Jordans gives a real-life practical example to illustrate how compliance with GDPR alone could put organisations in breach of the UK national data protection law requirements.

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FreeAgent: Finance Bill puts MTD back on the agenda

FreeAgent takes a look at the points of the Finance Bill relating to Making Tax Digital and the dividend allowance, and their implications for small business and contractor clients.

The new Finance Bill 2017-19 will include proposals to legislate for MTD for income tax and VAT, and will introduce a minimum threshold for clients’ businesses to be mandated to participate in MTD. The new Finance Bill, currently being considered in parliament, will be introduced after the announcement of the Autumn Budget in November.

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IRIS: Educate clients or prepare to fail

By 2025 75% of professionals will be millennials, and accountants will need to start updating some traditional processes to keep the next generation engaged.

Some firms have seen the delay of MTD as a reason to ignore or postpone digital transformation. However, the reluctance to embrace the new systems can have consequences, like preventing millennials becoming clients or new recruits.

Kevin Whitehouse, founder of Prime Entry, analyses the importance of acknowledging the issues that modern business leaders are facing and how practitioners can shape their firms accordingly.

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9 Spokes: Customer happiness matters

9 Spokes presents its three-part series on how to increase customer satisfaction in small businesses as a way to boost customer retention.

Last month, 9 Spokes presented its series on customer happiness, one of the main goals of small businesses. The first article in the series shared a selection of the best apps to help a business meet its customer needs and save time.

This was followed by a short guide on how to manage customer relationships following strategies such as sending electronic direct mail and gathering customer feedback, with the final part focussing on how to build loyalty by offering customers reward programmes and a best value experience.

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Other worth watching items

Pandle released a new mobile app, new Stripe payment and a VAT returns submissions features.

Accountancy Manager announced a new automated daily email reminders for tasks development.

Thomson Reuters’ tech expert Ian Cooper shared an update on what is known about GDPR on a recent webinar. If you couldn’t join the live webinar, a recording is now available here.

CaseWare explained the benefits that digital tax and record keeping software have in case of an HMRC inspection.

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