Top tips: Make the most of tax deductions this Christmas with this handy guide
December 11, 2014
Why is Forecasting so Important to your Business?
August 10, 2014
Local Life March 2015 - Make the most of online accounting
March 13, 2015
Auto Enrolment Exemptions for Small Companies
June 3, 2015
The pensions regulator (TPR) have started to send out letters to all employers telling them to ACT NOW and prepare for Auto-Enrolment.
The letter from TPR asks you to nominate a contact to receive communications about auto-enrolment. They even threaten the employer with fines or prosecution if they don’t take action.
The staging date for your business will be shown on this letter. If you need to set up a pension scheme, this is the date by which you must have a pension scheme ready for your employees to join.
There are a large number of small companies that will be exempt from auto-enrolment. If a company does not have any “workers” at their staging date then they will be exempt. A company director is not a “working” if they do not have a contract of employment with the company. As a result, a company with no staff other than directors has no obligations under auto-enrolment if any of the following apply:
It has only one director; or
It has a number of directors, but none of those have an employment contract; or
It has a number of directors, but only one of those have an employment contract.
If you want to inform TPR that you won’t be auto-enrolling then you can email them on: email@example.com. This link should open a structured email in which you insert your PAYE reference, companies house reference and the letter code from the TPR letter.
If your company does have staff and you would like to discuss the preparation for auto enrolment please get in touch.