The Pensions Regulator have provided a checklist so you can be sure you have all the correct information: The Pensions Regulator Checklist
This is not as complicated as it may first appear but you do need to put some thought to it.
Preparing for Auto Enrolment
The staging dates for the implementation of this pension scheme within small businesses is ever approaching. We recommend you allow yourself at least 12 months to prepare, and as staging dates for employers of less than 50 employees start this financial year, you should have ideally started planning already!
If you fail to meet the requirements by the deadline you could face a penalty notice. 166 fixed penalty notices (£400 fines) were issued from October to December 2014. We don’t want you to be subject to such penalties.
Think you have no auto enrolment duties?
You will need to inform the Pensions Regulator in writing.
If you still need to find out your staging date please do so at the Pensions Regulator Website . All you will need is your PAYE reference.
Once you’ve done this our advice is to check which categories your employees fall into and how much each of your contributions will be.
BusinessHeads’ MD Carole Jordan has been educating herself on all things Auto Enrolment, so if you are at all concerned please give us a call on: 01273 882200.
All details above were correct at the time of publishing - for more up to date information please
get in touch
In response to a request from one of our readers I’m going to address losses, which occur in a business on a regular basis for a variety of reasons.
There are proposals to reduce the VAT registration limit to capture more small businesses and increase tax revenue. 55% of small businesses are below the VAT threshold. Find out how you could be effected.
Time for part 3 of your business story blog series! This time we'll be talking about the result of your profit and loss account - the balance sheet!
This is a series of blogs to help you understand and analyse your business by understanding your accounts better. This week we're talking overheads and what your net profit figure means.