All businesses that employ at least one person in the UK must provide a workplace pension scheme for their employees. They must then enrol their employees into the scheme, though they may opt out if they wish.
Certain staff members must re-enrol into the scheme every three years.
Businesses must also complete and submit a re-declaration of compliance to The Pensions Regulator within five months of the three-year anniversary of the start of their auto-enrolment – also known as the staging date.
Naturally, there are costs associated with running a pension scheme – and fines for non-compliance. These start at £400 and can escalate at a daily rate of £50 up to £10,000, depending on the number of people the business employs.
Running a pension scheme can be complicated. You need to choose the most suitable scheme for your business, understand your commitments to your employees and continue to meet ongoing legal obligations once the scheme is up and running.
“We instructed Braant earlier this year to assist us with tidying up previous accounting and manage new accounting going forward. The correspondence is polite and swift. Sharing documents and information is made simple using tools such as Dropbox. I appreciate having only one point of contact who progressively understands our business and the results have been thorough and accurate!”
At Braant, we can implement the government-approved scheme for you. Alternatively, we can refer you to a reputable IFA to help you source a scheme suitable for your specific needs.
Either way, we can provide all the support you need to run your pension scheme smoothly and provide the necessary functionality for your payroll processes. We’ll also keep you fully compliant with all your pension-related legal and reporting requirements.
Whether you’re a sole trader, an SME, a non-UK business or a large corporate, we can provide you with full service accounting support.
Over 1,000 clients rely on Braant Accounting for services ranging from bookkeeping and self-assessment, through VAT and annual company accounts to long-term financial and tax planning strategy.
These clients operate in a multitude of industry sectors and they choose us because we understand the accounting challenges specific to these sectors.
We have the resources, the experts, the knowledge and experience to help your business grow. And with over 1,000 accountancy clients in the UK and London, the volume of our work allows us to share economies of scale with you.