Are you an Aylesbury start-up, curious on the liability and commitment level you have when considering employee pensions? This is where auto-enrolment comes into play, set as a mandatory Government scheme, which all employers must adhere to.
Whether you have 1 employee, or thousands, it is a legal obligation of yours as an employer to auto-enrol eligible employees into a Qualifying Workplace Pension Scheme, along with making ongoing minimum contributions.
Find out more about auto-enrolment in Aylesbury and how we can help you here at The Financial Management Centre.
WHAT IS AUTO-ENROLMENT?
In short, auto-enrolment is a legal obligation of all employers to help their employees save for later in life. With this Government driven scheme set in place, a Qualifying Workplace Pension Scheme has been created, where auto-enrolment must take place.
For eligible jobholders, employers must comply with the new pension regulations, by ensuring that auto-enrolment is completed, along with maintaining monthly contributions.
It is also important to ensure that non-eligible jobholders and entitled workers understand this new scheme, and how they can enrol; although contributions will not be received.
Auto-enrolment and ongoing pension contributions is an obligation and commitment of all employers. By opting for employees, it is your duty of care to maintain this service and forecast for it within your annual finances. Failing to comply will result in a hefty charge and civil penalties.
For more information on how to complete auto-enrolment, get in touch with our team of specialist accountants today through our Aylesbury centre.
STEPS TO TAKE WHEN COMPLETING THE AUTO-ENROLMENT PROCESS
When completing auto-enrolment, here are the steps you will need to take:
- Choose a suitable pension scheme
- Assess your current employees pay to gauge which category they fall into
- Write to all employees, communicating how auto-enrolment will affect them and the next steps. It is vital that the right information is sent to each category of employees.
- Ensure that contributions are paid consistently to those employees within auto-enrolment
- Complete a declaration of compliance to support your legal duties
- Keep records of all communication and processes related to auto-enrolment.
As this can be an extensive list to complete, especially when managing all further areas of business, here at The Financial Management Centre, we promote auto-enrolment support for Aylesbury companies. We understand the severity of legal penalties linked to avoiding auto-enrolment and the above steps.
Auto-enrolment in Aylesbury for business purposes
By opting for our auto-enrolment service in Aylesbury, you’ll have peace of mind that all legal obligations have been completed. This will help you keep organised, while following all pension payments.
Receive this service for £25 per month, along with a setup fee, available through our Aylesbury centre. Although an investment is required for auto-enrolment, avoid any future financial or civil penalties by investing into specialist business accountants.
For more information on how auto-enrolment effects your workplace, your employees and your legal duty of care, contact our team today. We can run through the steps required to accurately complete auto-enrolment.
Accountancy FAQ's
Tax and accounting can be daunting subjects for business owners. Below FAQ’s can help find the answers to the questions you may be asking.
Do I need an accountant?
By having an accountant, you will ensure that you do not put yourself at risk to the various HMRC penalties and end up having to pay interest that is charged for late registration, late submission of tax returns and late payments of tax.
How can an accountant help me?
As a business owner, your time is valuable and having the ability to spend your time on your business needs is important. By outsourcing to a qualified accountant you can do just that. Here at TFMC our qualified accountants can help you with Financial accounting and reporting, Auditing Preparation of tax documents, Management services and consulting, Financial analysis, Cash management
How much does it cost to have an accountant?
Looking after your business accounts is one of the most challenging parts to running your own business, and also one of the most important. Whether you are a sole trader, self-employed, small business, contractor or limited company TFMC can assist. Package prices vary so call our team today to find out more
Rachael Olukoju
Aylesbury
Manager Rachael is a diligent qualified accountant with audit experience and joined us from a top 15 accountancy firm. With a thirst for knowledge and personal development Rachael continues to study towards further qualifications. She is a strong communicator who is passionate, goal driven and leads by example. Rachael has significant...
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We recognise that not all businesses are the same and will be at different stages of their development. We offer a wide range of services to small-to-medium-sized businesses.
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Midshires House, Midshires Business Park,Smeaton Close,
Aylesbury,
Buckinghamshire,
HP19 8HL