Many small business owners who have employees or are directors in their own company will have already received their letter from The Pension Regulator, informing them of the deadlines imposed on having to Auto Enrol for pensions. Most employers will have to set up a pension scheme and make contributions for their employees. These rules are NOT optional and failure to comply will result in severe escalating penalties!
If you have received a staging date, no doubt it appears way off in the future, however given the sheer numbers of schemes that will need to be put into place over the next two years it is inevitable the cost of implementing a scheme will steadily rise as the demand increases. Did you know that you could be eligible to opt out of Auto Enrolment simply and at very little cost?
Our advice is to act now. At Best Accountancy, we have taken the decision to embrace this new compulsory red tape issue and tackle it positively with our clients. We have invested in the software to be able to handle the processing of the pension contributions through the payroll system. We have trained staff in order to relay the rules adequately to our clients. We have also researched the market for those organisations who can assist in setting up the pension schemes themselves with a goal of finding a cost effective solution.
Best Accountancy are therefore now ready to not only offer to our existing payroll bureau clients a complete set up and operate payroll and auto enrolment compliance service but to invite any other business owners advice on this critical area of their business.
Best Accountancy has always tried to stay ahead of the game when changes are imposed and in the same way we embraced the payroll changes when RTI came along 12 months before it was compulsory, we have again ensured we are ready before the deadlines kick in.