Keeping you up to date on the latest accounting and tax issues

Instant pension duties for start-up businesses

Businesses who begin trading and recruiting from 1st October this year will have instant pension duties to fulfil. This warning comes as the current schedule for employers to meet their automatic enrolment obligations comes to an end, meaning all businesses who existed prior to April 2012 will now have passed their staging date.

Specifically, the duties will apply from the first day that the first member of staff commenced work, referred to as the ‘duties start date’.

The Pensions Regulator (TPR) has launched an online bank of information and relevant tools to help new businesses, as well as their advisers, understand and fulfil their obligations. New employers will also receive written guidance, from The Pensions Regulator, explaining what they must do and highlighting the deadlines associated with the process. startup1

One exemption that may apply to these new businesses is in respect of PAYE; when it comes to having a PAYE scheme in play, if staff earn £490 a month or less then HMRC may not require the employer to set one up.

If you’d like more information, there is now a new ‘employer’ landing page on The Pensions Regulator website, which can be found here.

At GH Payscheme, George Hay’s specialist Payroll Bureau in Biggleswade, Letchworth and Huntingdon, our team can assist you with administering your chosen workplace pension scheme and help you to ensure that you comply with the requirements of Auto Enrolment.

If you’re a business looking to start employing your first members of staff later this year, or if you’d just like to find out more about the services we offer, talk to one of our advisers today.

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