Auto Enrolment is now a standard part of payroll and being an employer, but from the 1st of October 2017 there is a change.
Up to the end of September, if you become an employer for the first time, you will get a ‘Staging Date’ from The Pension Regulator, which depending on when you became an employer means you may have up until 01st February 2018 to prepare. However, for new employers from the 1st of October 2017 that all changes.
Instead of being given a Staging Date and having months to think over which pension company you want to select and to put that scheme in place, you will have what is called a ‘Duties Start Date’ from the day you employ your first employee. This means that your duties will start from that date, and you will be required to set up a pension scheme at the point that you register as an employer with HMRC. The idea is that the selection and set-up of a pension scheme is as much a part of taking on an employee as registering as an employer with HMRC is, and that the two will go hand in hand.
It’s a worrying thought that according to research conducted by The Pension Regulator, almost half (49%) of Accountants don’t know about the changes in regulation, leaving their clients open to penalties from The Pension Regulator for non-compliance, and the stress and difficulty of resolving the issue.
Whether you’re planning on becoming an employer within a company with one or only part-time staff, or you’re taking on an employee in your home, you may still have Auto Enrolment Duties and you shouldn’t ignore this.
Why not speak to Nadine at PayrollAbility today. We can talk through your plans, tell you what your duties will be and when they’ll begin, and take care of everything you’ll need to do to become a complaint employer quickly and easily.
The office can be reached on 01384 92 90 20 and is open 9-5 Monday to Friday. Let us do what we do best, solving your problems, keeping you complaint free and giving you the time you need to grow your business.