Employers need to enrol many of their employees into a work based pension scheme and pay some pension contributions.
We can help you:
- Prepare for the start of auto enrolment in your business including an initial analysis of your workforce, preparation of a cost budget and assistance with choosing an appropriate qualifying pension scheme
- Prepare communication letters to your employees
- Calculate employee and employer contributions and prepare payment schedules for the pension scheme provider
- Assess your workers each pay day to determine if they need to be auto enrolled
- Register with The Pensions Regulator and help you keep the required records
Your workplace pension scheme
All employers must provide a workplace pension for eligible staff by 2018; it’s what’s known as “auto enrolment&rqduo;. As an employer, you must enrol all staff who earn more than £10,000 a year, work in the UK, and are aged between 22 and the state pension age. So if your employees meet these criteria and you don’t have a workplace pension in place for them already, you’ll need to set one up and soon.
Setting up a workplace pension
The date you’ll need to start enrolling people will depend on the number of employees you have. Setting up a workplace pension is a complex affair, and you want to make sure it’s done properly, so you can be certain you’re meeting your obligations as an employer.
If you’re not sure where the land lies in respect of your employees, we can advise you when you’ll need to have everything in place for them and how to go about doing so. There’s still time, and we can help ensure you have everything in place to meet the statutory pension requirements.
Your existing workplace pension
If you have an existing workplace pension for your employees, but you’re not sure if it meets the criteria for the auto enrolment scheme, we can advise you on the intricacies of the scheme. We’ll know what amendments if any; you’ll need to make to your existing pension scheme. So you can move forward with confidence knowing you’re meeting your legal obligations.
Workplace pension contributions
As part of your auto enrolment pension scheme, you must pay a minimum of 1% of your employee’s “qualifying earnings” into the scheme. However, this percentage may increase in future years if approved by Parliament. To stay abreast of any changes to the requirements of the auto enrolment scheme and what are deemed “qualifying earnings”; engage our skilled accountancy team today.
Your smooth running pension scheme
The regulations outlining auto enrolment pensions specify that the contributions must be paid into the scheme by a particular date each month. Remember, the Pensions Regulator could impose a fine if you don’t have an auto enrolment scheme in place on time and if it’s not running as it should. However, our skilled accountants can assist you, ensuring everything is ship shape and running on time - so you don’t need to be concerned about the day to day mechanics of running the scheme.
Your accountants in Harrow
At Akshar & Co, we offer the full range of accountancy and related business support services. Our skilled team can advise on matters of compliance, provide systems advice on payroll and bookkeeping, offer tax advice and assist you in developing business plans.
So, for chartered accountants who are skilled, meticulous and thorough in their work, contact our dedicated team, so you can concentrate on the job you love, running your company.
Rest assured our experienced team have been providing accountancy services for over 25 years now, working for business and personal clients in and around the London and Middlesex area. So for accountants who will help your business to thrive, contact Akshar & Co today.
Require more information?
If you would like more information or would like to speak to us direct then call us on 020 8909 3808. Or if you would prefer, ask us a question online.