Half of SMEs at risk of missing auto enrolment deadline
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New research shows that just over half of small businesses are unsure whether they will meet the government deadline to start providing a workplace pension, meaning they could be facing huge fines.
Accounting software vendor Geniac spoke to over 500 businesses with a turnover under £500,000 and found that half are in danger of incurring significant penalties unless they make provisions for their employees in time.
In terms of dates, all SMEs are required to set up a workplace pension for eligible staff by 2018. Within that, most small businesses (those with 30 staff or less) must have it in place by April 1 2017. Businesses without PAYE schemes must then start the auto-enrolment process from April 1st.
Mike Galvin, Geniac co-founder, commented: "The fact that over half of small businesses are unprepared for auto-enrolment should ring alarm bells. Entrepreneurs must avoid sleepwalking up to the deadline as this could cost them dearly, particularly fledgling companies with limited budgets.
"Thousands of business owners are simply in the dark over how to handle this major administrative change, or are putting off sorting it because of the time involved."
Still unprepared? ActSmart can help
ActSmart can introduce you to Elliott Sanders of Copthorne Hundred Wealth Management, a Partner Practice of St. James's Place Wealth Management who can offer all businesses, no matter what size, advice on pension auto-enrolment.
St. James's Place Wealth Management are one of the leading wealth
management organisations in the UK with a national network of advisers.
Using their experience, they offer businesses and individuals a wealth
management service, incorporating pension advice. The advice is
face-to-face and tailored to your business or personal objectives.
- Complimentary initial consultation
- Face-to-face advice
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- Advice is guaranteed by St. James's Place when recommending any products or services provided by the St. James's Place Group
Find out more here or phone Elliot Sanders's team on 01372 721616 / email Elliott.Sanders@sjpp.co.uk.