Payroll, Workplace Pension Scheme:
Whether you’re a hairdresser, an architect or employ a personal care assistant, if you employ at least one person you are an employer and you have certain legal duties to maintain payroll, Workplace Pension Scheme.
Payroll is not as simple as it used to be with new legislation in place and requirements of Real time information (RTI). Penalties may be charged for missed deadlines.
We make sure that your payroll is fully compliant with HMRC Real Time Information reporting requirements and ensure no deadlines are ever missed.
LPS Accountants will relieve you of the payroll burden with a full range of services. Whether you’re a Sole Trader, a Partnership, or a Limited Company, you will receive a personalised service from a dedicated payroll administrator;
- Payroll preparation and administration
- Advice on statutory holidays and entitlements including maternity, paternity and sick pay
- Year end payroll returns and P11d
- Workplace pension scheme advise
- Soft or hard copies of payslips
Workplace Pension Scheme:
A new law means that every employer must automatically enrol workers into a workplace pension scheme if they:
- are aged between 22 and State Pension age
- earn more than £10,000 a year
- work in the UK
This is called ‘automatic enrolment’
|Monthly gross earnings||Age||Weekly gross earnings|
|From 16 to 21||From 22 to SPA*||From SPA to 74|
|£486 and below||Has a right to join a pension scheme 1||£112 and below|
|Over £486 up to £833||Has a right to opt in 2||Over £112 up to £192|
|Over £833||Has a right to opt in||Must be enrolled 3||Has a right to opt in||Over £192|
Figures correct as of 2015/2016. *SPA = state pension age
1 Has a right to join a pension scheme
If they ask, the employer must provide a pension scheme for them, but the employer doesn’t have to pay contributions into a pension scheme.
2 Has a right to opt in
If they ask to be put into a pension scheme, the employer must put them in a pension scheme that can be used for automatic enrolment and pay regular contributions.
3 Must be enrolled
The employer must put these members of staff into a pension scheme that can be used for automatic enrolment and pay regular contributions. The employer doesn’t need to ask their permission. If a member of staff gives notice, or the employer gives them notice, to leave employment before the employer has completed this process, the employer has a choice whether to enrol them or not. The employer also has a choice whether to enrol a director who meets these age and earnings criteria.
The stages and timescale for businesses those require to comply are:-
Know your staging date Immediately
Provide a point of contact within next 3 months
Check who you need to enrol within next 3 months
Create your action plan within next 3 months
Work out your costs within next 3 months
Check your records and payroll process within next 6 months
Assess and enrol your staff Immediately
Write to your staff By August 2017
Your ongoing automatic enrolment duties By August 2018
Complete your declaration of compliance 5 months after staging date
At LPS Accountants & Tax Advisers we can help to comply with Automatic Enrolment Declaration of Compliance (registration).
For more details of the services we offer you can give us a call on 020 7278 0007 or book a FREE No Obligatory Initial Consultation with one of our qualified accountants.
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