Pension auto-enrolment –guide for business owners and employers
Posted on 15th October 2017 at 23:24
If you become an employer for the first time on or after 1 October 2017, you will immediately have legal duties for your new member of staff. These duties apply from the first day the first member of staff started working for you. This means that as an employer, you must comply with the pension automatic enrolment duties straight away. You will not have a staging date, so you will need to notify the Pension Regulator of your point of contact for automatic enrolment.
The aim of this short article is to help you get things right when incorporating a company.
Last financial year Companies House incorporated over 644,000 companies, 99% of those were on line and 1% on paper. Over 8% of online applications to incorporate and nearly 53% of paper applications were rejected.
Towards the end of last week, HMRC announced significant changes to the roll-out of its Making Tax Digital scheme (MTD). Businesses will not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020. Only businesses with a turnover above the VAT threshold will have to keep digital records and only for VAT purposes. They will only need to do so from 2019.
Typical records you may need to keep - keep supporting records, for example, invoices, bank statements and paying-in slips to show where the income came from • record all purchases and other expenses as they arise and make sure that you keep invoices for them (unless the amounts are very small).