Accounting Solutions Chartered Accountants is a firm of tax advisors and chartered accountants. We are based in Nottingham and serve businesses in all nearby locations. If you are a professional, freelancer, owner of a small or medium business, or a big corporation, you can reach out to us for outsourced bookkeeping, accounting, and taxation. Specifically, we offer services such as tax returns, vat, pension auto enrolment, payroll, and other related jobs. We are always here to help as we understand that your company needs to concentrate on operations. You can let us worry about your accounting and book records.
Pension Auto Enrolment is a program initiated by the UK government. This mandates business owners in the UK, who have employees, to put their qualified workers into a workplace pension scheme. In line with this, the employer needs to pay the contribution on behalf of the workers. Auto Enrolment is based on a clause included in the Pensions Act 2008 and was introduced in 2012.
The UK government introduced Pension Auto Enrolment because too few employees were putting their money into pension plans. The program was introduced so that more people will have something to rely on when they retire.
If you own a company with less than 30 employees, your duty to enrol your staff started from November 2015 to April 2017, based on your PAYE reference. Those clients with more than 250 workers had a staging date in October 2012. Since we are past these dates, pension Auto Enrolment is compulsory as soon as a new employee starts working, meaning, your duty starts on the first day of employment.
We can help you with every task related to Auto Enrolment. Our team of chartered accountants can assist you with the registration and enrolment. We can advise on which pension provider to sign up for and we will manage the auto enrolment process. Selecting the right pension provider will help you determine the cost of Auto Enrolment.
If you are confused, you can always ask our accountants for additional details regarding the Auto Enrolment service.
Employers are required to auto-enrol all employees matching the criteria below, in a pension scheme. The workers should be 22 years old and above but only up to the state pension age, earn over £10,000 annually, and work in the UK. The employees, employers, and the UK government need to contribute a certain percentage to the employees’ pension plan.
Starting in April 2019, the minimum contribution into the pension is 8% of the compensation of the employee. 3% of this is paid by the employer.
The cost of auto enrolment for your business depends on the pension provider your company chooses to set up with. Our team of auto enrolment experts make sure to advise you on all the different possibilities and help you make the best choice for your business.
Your company is only exempt from mandatory pension auto enrolment if it is entirely comprised of directors. This scenario means you are not legally required to run an auto enrolment workplace pension scheme.
Yes, an employee can choose to opt-out of their workplace pension scheme at any time after being automatically enrolled. As an employer, you must not encourage employees to opt out though.
If you have any other questions or concerns regarding pension auto enrolment then please get in touch by calling us on 0115 929 8537 for a free consultation with a member of our team.
Accounting Solutions Chartered Accountants is always ready to help when it comes to Auto Enrolment in Nottingham. We know that the other aspects of your business, especially the operations and management, need your full attention. Leave us to manage your Auto Enrolment so you can focus on other things that will make your business grow. Get in touch today to speak to a member of our team about auto enrolment or any of our other services. You can reach us by calling 0115 929 8537 or emailing us at firstname.lastname@example.org.
We always keep our clients updated with deadlines. Your business must always comply with the rules and regulations. We serve as your reminder that you have to submit the requirements on a specific date and that you need to apply new regulations to your financial records.
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