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King’s Lynn accountants advise businesses to prepare for auto enrolment pension schemes

Hayhow and Co

Hayhow and Co

Help is at hand for West Norfolk employers who may need extra assistance to deal with auto enrolment in workplace pension schemes.

Lynn-based chartered certified accountants, Hayhow and Co, can advise employers on how to be compliant with the scheme introduced in October 2012 which aimed to enrol up to 11 million workers into workplace pension schemes.

Starting dates have been phased over a number of years depending on the size of the employer, leaving the situation at present where employees of large nationals are more knowledgeable on the subject, having already made contributions for over a year, than many smaller local employers whose staging date may not be until 2017.

“It is important that employers in the area begin to think about the implications and set-up costs, and make provision for this,” said Julie Gladman, managing partner of Hayhow & Co in King Street.

“Auto enrolment is not optional with non-compliance having substantial financial penalties attached, currently standing at a one-off fixed penalty of £400 and then daily escalating penalties depending on the number of employees of between £50 and £10,000.

“With West Norfolk employers already feeling the burden of the reporting requirements they have to make, news of the legal documentation that must be kept in relation to the workplace pension and all of its related correspondence will not be particularly welcome,

“Many employers who have previously felt happy to process their own payroll, may now need to consider looking for professional assistance to help stay compliant.”

Visit Hayhow’s new website at www.hayhow.com to find information on the payroll service offered by the firm.

 
 
 

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