The services we offer

What We Do

Please find below a list of the services available at Banks Sheridan Accountants.

Auto Enrolment

What our client’s say:

"The Auto Enrolment team at Banks Sheridan provide a friendly, efficient and expert service. From setting up our workplace pension scheme to handling the day to day administration, they are always on hand to promptly answer any queries.

Having worked with us, to carry out the time consuming planning, and ensured we are compliant with all necessary legislation they now complete the regular AE processing. By taking control of what is a resource headache, Banks Sheridan has enabled us to concentrate on continuing to provide the best service we can for our own customers."

Dave Britton, Atlas Business Group of Companies Ltd

The law on workplace pensions has changed. Every employer with at least one member of staff will have a new duty to set up and put those who meet certain criteria into a workplace pension scheme and to contribute towards it.

Auto Enrolment is so called, because it is automatic for your staff – they do not have to do anything to be enrolled into the pension scheme. But it is not automatic for you. You will need to take steps to make sure your employees are enrolled into a scheme where appropriate and the required contributions paid over for each payroll run.

It is being rolled out to all employers in a series of fixed ‘staging dates’ so by 2018, all employers will be included.

What does it mean for your business?

Auto enrolment represents a huge impact on your business in terms of administrative time and costs to plan, implement and maintain a suitable pension scheme. 

Contributions and deductions will need to be processed alongside your payroll system.

Which employees should be auto enrolled?

As a guide, the following employees must be included in auto enrolment:

  • those aged between 22 and state pension age;
  • those earning more than £10,000; and
  • those not already in a pension scheme meeting the Auto Enrolment requirements.

Any employees younger than 22 or older than the State Pension Age can ask to be part of the auto enrolment pension scheme. If these employees are earning less than £5,772 then you are not obliged to contribute, however if there are earning above this level you do need to pay the minimum contribution.

When do auto enrolment pension schemes need to start by?

Your staging date for having an auto enrolment qualifying pension scheme in place will depend on the number of employees your business had on 1 April 2012.

  • Businesses with between 50 and 249 employees on their PAYE scheme will have a date of between 1 April 2014 and 1 April 2015;
  • Businesses with fewer than 50 employees on their PAYE scheme  will have a date of between 1 June 2015 and 1 April 2017; and
  • New businesses established between 1 April 2012 and 30 September 2017 will have a date of between 1 May 2017 and 1 February 2018.

Your staging date can be established by entering the business PAYE reference on the Pensions Regulator website.

Do employers need to contribute?

Yes, there are minimum contribution levels every employer must pay into their staff’s pension scheme.

The table below shows the minimum contribution levels, including those applied to the employer based on their gross earnings (but only their earnings between £5,772 and £41,865). The minimum levels of contributions increase in stages, as follows:

Date

Employer minimum contribution

Total minimum contribution*

From staging date up to 30 September 2017

1%

2%

1 October 2017 to 30 September 2018

2%

5%

1 October 2018 onwards

3%

8%

(* tax relief is received on the employees contributions)

Do employees need to contribute?

It’s a legal requirement for employers to automatically enrol eligible employees into a suitable pension scheme. The employer is entitled to deduct the employees contribution but must ensure that at least the minimum total is met, unless the employee chooses to opt out.

Employee contributions receive tax relief, so a 4% employee contribution is grossed up to 5%.

How Banks Sheridan can help you with Auto Enrolment?

We are able to help you at every stage of your company’s planning and implementation of automatic enrolment.

We can assist your business in the planning and implementation of automatic enrolment as well as helping with the impact this new scheme may have on your payroll, systems and employee contracts. Banks Sheridan work with commercial clients of all sizes and provide a complete accountancy and business tax service that can cover every aspect of financial paperwork and compliance.

Our auto enrolment services include:

  • An initial consultation.
  • An assessment of your business and staff;
  • A report on the likely impact of auto enrolment on your business in terms of administration and financial costs.
  • An assessment of any existing pension scheme and whether this can be made to work with automatic enrolment.
  • Advice on the different pension schemes available if no suitable scheme exists.
  • Implementation of the Auto Enrolment scheme.
  • A complete payroll and pension scheme service provision.
  • Professional and accurate advice at every stage.

Banks Sheridan’s sister company, Jones Sheridan, are South Cheshire’s largest firm of Independent Financial Advisors and work alongside us to ensure that a fully comprehensive service is available to meet all your Auto enrolment needs. This includes a review of the current pension schemes and advising on the best Auto Enrolment solution available to your business and its staff.
  
We hope to have the opportunity to work with you and provide tailored automatic enrolment services that support your company’s progress and ensure its ongoing compliance with the pension’s regulator. To speak to one of our auto enrolment specialists, please contact us on 01270 530970 or email enquiries@banks-sheridan.co.uk