How big is your piggy bank?

Auto Enrolment

We all know how much of a pain RTI is. 

Yet another thing that we have to remember to do, to be compliant. All because Her Majesty’s Revenue and Customs wanted to track the taxes that should be collected as people move from job to job.

Every employer tells HMRC about every time an employee is paid to ensure taxes are correct. And now that we’ve got a handle on this, the next challenge for all employers is the phase into “auto enrolment”, or AE.  

Every employer who has at least one member of staff will find themselves with new duties and responsibilities towards their staff  and having to now implement a qualifying workplace pensions and contributing towards it.

Auto enrolment is so called because staff are automatically enrolled (providing they are eligible).  

They are not required to opt-in.

Staff can opt-out but will be re-enrolled again every three years. 

HMRC are well aware of how complex the Auto Enrolment scheme is and it is currently being phased in to companies over a five year period.

But this is started to hit SMEs already.

The question is, do you know what to do?

The first step is to find out your staging date. And this depends on how many staff you currently have. The following should help you,

Staging dates

 

You can verify this by entering your PAYE reference and it into here.

Then depending on when it is, relax, or panic (well, don’t panic, watch this).

If it’s the latter, then you know who to call.

It’s not Ghostbusters by the way.