News that The Pensions Regulator has already started issuing fines against businesses who have not complied with its new workplace pensions laws, has been greeted with a mixture of panic and cynicism.
Thousands of small businesses are expected to face fines in the coming months, for failing to enrol their employees into a qualifying pensions scheme, as stipulated by the rule changes introduced more than two years ago.
July this year saw the first major compliance deadline pass for business with 62 – 89 employees. A three month extension was requested for many of the estimated 12,000 business to implement Auto Enrolment. But the October cut-off date has been and gone, with the authorities already moving to issue fines.
The penalties now being imposed should spurn businesses who have yet to comply into making the necessary changes. But research by The Pensions Regulator has shown that a significant number of small business owners (including up to 50% of micro-businesses) do not know their AE deadlines or what steps to take to comply.
KashFlow is here to help!
KashFlow Payroll has this week introduced Auto Enrolment assessment within its payroll service, giving business owners the tools to easily comply with the laws and avoid potential fines.
This assessment capability is the first phase of a more advanced AE service being introduced, and means that users will be able to:
1. Assess their workforce
2. Automatically enrol employees onto a qualifying scheme
3. Calculate their employee and employer contributions
This can all be done from with KashFlow Payroll, using the new AE Setup Wizard, which allows users to enter details of their chosen pension scheme, staging date, postponement arrangements and contribution arrangements.
For more about KashFlow Payroll and how we can help you with Auto Enrolment, click here.