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Auto-enrolement can't get any easier with The Accounts Centre by your side...
saving you from hefty fines and hours of unnecessary extra work.
With on the spot penalties starting at £400 and daily penalties ranging from £50-£10,000 (depending on how many staff you have) it's imperative your business has the correct pension auto-enrolment procedures in place.
According to goverment statistics, over 7 million people in the UK aren't saving anything (or enough) for when they retire.
The new auto-enrolment laws aim to make sure that more people are saving more money for when they do finally retire.
Does it affect my business?
Every business in the UK that employs at least one member of staff will be obligated to auto-enrol eligble staff member into a qualifying pension and will have to make a contribution into a scheme.
You'll need to assess your workforce to decide who exactly will be eligible for auto-enrolement.
'Eligible jobholders' must be...
Working in the UK (or usually working in the UK).
Between the age of 22 and the SPA (State Pension Age).
Earning above £10,000*p.a
Walk you through the tricky tax traps that could catch you out and that most business owners don't know about.
*This threhold is reviewed and subject to change on a yearly basis.
As an employer, you will be required to give your staff prior warning about the scheme (via written letter) and to allow non-eligible jobholders to opt in too.
You should start considering auto-enrolment right now, but at the latest, 18 months prior to your staging date.
The staging date will depend on what the size of your PAYE scheme was in April 2012 (the more people, the earlier your staging date over the six years).
If you require any assistance in finding your staging date, or would live further information on auto-enrolment, feel free to give our wonderful team of accountants a call today on:
Download your Free guide to everything you need to know about Pension Auto-Enrolement
So what is required to avoid hefty fines and get my employees on this compulsory scheme?
The Planning Stage:
- Find out your business's staging date.
- Evaluate who's eligible for auto-enrolment out of your employees, based on age, salary and location.
- Organise your records using your current payroll software, making sure that they're up to date and easily accessible. Including: D.O.B, NI Number and the latest contact details for the pensions regulator and scheme provider.
- Choose a pension scheme. If you already provide a pension scheme, double-check to see if it qualifies under the auto-enrolment regulations. If not, you need a new one and quick.
- Let your staff know via a formal letter, Informing them how it works and how they can opt out if they wish to.
- Inform your pension scheme provider.
- Let the Pensions Regulator know and complete a declaration of compliance to inform them that you've met the auto-enrolement regulations.
- Start contributing between 2% and 8%, depending on your business.
- Maintain your recrods ensuring that employees who become eligible (e.g. those who turn 22) are opted in automatically.
- Re-enrolment. Every 3 years, you need to re-enrol staff members, whether they've previously opted out or not - you will have to start at step 1 again.
A real pain, right?
Unfortunately this is compulsory, but it doesn't have to be something you need you think about...
At The Account Centre we're more than happy to give you a helping hand.
Find your staging date
Set up and support you through the entire process.
Inform your staff
Keep your recrods up to date with advanced software
Save the grief, time and hassle out of the whole process, so you can focus on the important aspects of your business.
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Whether you've got a pensions auto-enrolment already in place, or not, give us a call today to find out how The Account Centre can improve and take the hassle out of your pensions auto-enrolment scheme.
You wouldn't want to get a penalty would you?