There has been a great deal of media coverage recently regarding the changes to Workplace Pensions. The new law is only applicable for Company’s with more than 1 Employee.
If your Limited Company employs 2 or more staff you must automatically enrol the workers into a workplace pension scheme and contribute towards it 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, you will need to take steps to make sure they’re enrolled. Each employer has a staging date when this has to be completed by and this can be found here and requires entering your PAYE Reference number.
You will be asked to nominate a contact which should be yourself in the first instance for all communications to be sent.
If you have any further questions regarding this please do not hesitate to contact your Account Manager.
More Blogs
How Much Does a Director Loan Cost?
Director loans are a popular yet often misunderstood financing method used by small business owners. If you’re a company director who has taken, or is considering taking, money out of your company (that isn’t structured and subject to tax as: a salary, dividend, or expense reimbursement), then you are effectively using a Director Loan. It is therefore important to understand these rules and the costs involved.
Do I Need to Use a Separate Bank Account for My Sole Trader Business?
One of the most common questions we receive when clients are setting up as a self-employed sole trader for the first time, or indeed for existing businesses who transfer into us is: “Do I need to use a separate bank account for my Sole Trader business?” The article explains the benefits of using a separate bank account for business transactions as a self-employed sole trader.
Is It Better To Be Self-Employed Or Use a Limited Company?
The article helps business owners decide how best to structure their business, by considering the differences between operating as a self-employed sole trader or partnership, or by using a limited company.