Stoke accountancy firm, Paul Austen Associates, fears that local businesses are facing severe penalties after missing the 1 February deadline for the auto enrolment pension scheme and urges them to take immediate action.
The firm, with offices in Congleton and Stoke explains that employers with a thirty strong team or less were given until the 1 February 2018 to enrol new employees who had joined their business between July and September 2017. As many businesses have failed to comply, Managing Director Paul Austen warns of the consequences of avoiding the compulsory legislation.
Paul commented, “The workplace pension scheme is enforced by the Government’s Pension Regulator and Her Majesty’s Revenue and Customs (HMRC), and as many employers fail to comply, they are likely to face a fixed penalty of £400, escalating to £50 - £10,000 per day depending on the number of staff employed.
“The auto enrolment scheme uses a considerable amount of knowledge of payroll, tax and pensions to effectively set up, meaning accountancy firms are best placed for the role. With there being so many firms locally unprepared, we have established a dedicated resource to step in and support local businesses.”
"The workplace pension scheme is enforced by the Governments Pension Regulator and Her Majestys Revenue and Customs HMRC and as many employers fail to comply they are likely to face a fixed penalty"
Civil penalties can be issued from £5,000 to £50,000 if contributions are not paid and there can be other penalties such as prohibited recruitment conduct penalty notices which can range between £1,000 and £5,000.
Paul Austen Associates assist individual and corporate clients in the management of their finances offering a full bookkeeping service, management reports and assisting and informing on payroll and VAT services.
Paul Austen Associates is located at Charter House, Wagg Street, Congleton and Cemetery Road, Stoke on Trent.
For more information on Paul Austen Associates visit www.paulausten.co.uk or call
01260 281 106
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