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Auto-enrolment – aaarrrgh…!

Posted: 15/05/17 by

K Consultants have been running payrolls since 1992 and setting Payroll systems up for a multitude of businesses as well during this time.

Long gone are the days when it was all manual with books of tables working out how much the National Insurance contributions were, what the amount of tax free pay was, how much PAYE should be deducted.

Payroll is so much easier now, whether you use a Software package like Sage 50 Payroll or the HMRC Basic PAYE Tools or any other payroll software. The software works out all the calculations for you. No longer does payroll have to take hours or even days depending on the size of your organisation, it can be completed in a matter of minutes.

However, when people’s lives are involved we all get a little tense, frightened of the commitment, not wanting to make a mistake, that “butterfly feeling” when you press that button! For either employee or for the company alike.

Auto-enrolment is now well and truly with us, no matter what the size of your company, even if you only employ one person it is your responsibility as a Company director or accounts manager to make available a pension scheme for your staff.

At K Consultants, we recognise that auto-enrolment can be quite daunting. Many smaller businesses are too busy running their business to stop and think about setting up a pension scheme and hence are leaving setting up a workplace pension to the last minute. The issue there is that, if you are late, HMRC will fine your company and The Pensions Regulator is becoming firmer and clamping down on business that delay.

There are lots of help available out there to make life easier for you, don’t stress out, you can get help from a financial adviser, your accountant or bookkeeper and any of the pension providers themselves.

Below is a check list of things you need to know/do:

• Know your Staging date

• Select a Pension provider

• Communicate with your staff?

• Consequences of leaving it too late?

• Your continuing Responsibilities

• Planning for the future

• Do you want help?

If you would like our assistance, please feel free to contact us at email: info@justkandco.com or tel: 01234 818 028.

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