Let Us Take Care of Your Auto Enrolment Headaches
All companies now have a legal obligation to provide a pension plan for all employees. Every employer MUST enrol workers into a workplace pension scheme if their staff are:
- Aged between 22 and the State Pension age
- Earn more than £10,000 a year
- Work in the UK
The cost of Auto Enrolment for workplace pension scheme is as follows:
Up to the 05/04/18
Then from 06/04/18 – 05/04/19
1% 2% (including 1% staff contribution)
2% 5% (including 3% staff contribution)
3% 8% (including 5% staff contribution)
Auto enrolment is important unless
- You are a sole director, with no staff
- There are a number of directors without employment contracts
- The company has ceased trading, gone into liquidation or been dissolved
Regardless, a declaration must be completed and submitted to the Pension Regulator whether you want to opt in or opt out.
The cost of not complying or failing to meet the deadlines are:-
1. A fixed penalty notice will be issued if you don’t comply with statutory notices, or if there’s sufficient evidence of a breach of the law. This is fixed at £400.
2. Penalties ranging from a prescribed daily rate of £50 to £10,000 depending on the number of staff.
3. Civil penalty for cases where you fail to pay contributions due. This is a financial penalty of up to £5,000 for individuals and up to £50,000 for organisations.
4. Where employers fail to comply with a compliance notice or there is evidence of a breach, the regulator can issue a prohibited recruitment conduct penalty notice. This penalty has a prescribed rate of £1,000 to £5,000 depending on the number of staff the employer has.
OD Accountants can assist with the registration and compliance, the charges are:-
Sole director opt out
Auto Enrolment review report and meeting
Registration for Auto Enrolment
Monthly process and reporting obligations
Fees + VAT
So rather than wait any longer, simply contact us today and we’ll help ensure your business is compliant.
”I have been with OD Accountants for just over two years. They make sure that I am given plenty of notice of any accounts/information they need from me, which makes my life less stressful. All the accounts/forms are completed on time, meaning I do not have any extra worries when it comes to my business. I would recommend OD Accountants to any body who wants/needs a trustworthy accountant, that ensures their client’s businesses come first and who knows what they are doing.”
“Purchasing a property. Niall promptly got in touch and over the phone was able to answer the questions I had with regard to inheritance tax. He also suggested some further financial considerations I should keep in mind as I progress with my property purchase. Yes, thanks to Niall I now feel more comfortable knowing I understand the tax implications around my property purchase.”
“We were experiencing a pool level of service and slow response with our previous supplier and Niall was recommended to me by a mutual client. Niall resolved a number of legacy errors after inheriting the accounts, set up an on-line bookkeeping service which has reduced our time in processing bookkeeping and VAT returns from 15 hrs per quarter to about 3 hours per quarter with an increase in accuracy of reporting and recording. NIall also provided guidance on payroll and dividends. Yes, the entire in-house account management is not longer a burden to the business.”