A recent report from Pay Circle suggests that Britain’s smallest businesses could face fines of up to £22 million in total due to a lack of understanding of the new Auto Enrolment rules.
The Governments Pensions Regulator also reveals that more than 1 in 5 small businesses still have a ‘limited understanding’ of the Auto Enrolment rules even up to the weeks before their staging date.
In the current climate of increased bureaucracy for small businesses where they’re having to self assess their own corporation tax returns, complete self assessment returns, VAT returns and RTI payroll returns, there is no doubt that Auto Enrolment is another degree of extra work being added to the small business workload. And it’s probably for this reason that small businesses are not spending enough time checking out the options and the rules.
With many small businesses having their staging date occurring very soon, or at the latest in 2017, action needs to be taken NOW.
To find out exactly how we can help take away all the aggravation of setting up a pension scheme, running it and the payroll issues associated with it, including all legal communications to your team, contact us at 01752 752210 for a FREE phone call or meeting to discuss your requirements.
The phone call or meeting will not be a sales meeting but will simply give you the advice you need to make informed decisions, even if that means taking that information back to your existing accountant in order to move forward.