The services we offer

What We Do

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

Auto Enrolment - WORKPLACE Pensions


 

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

How Banks Sheridan can help you with Auto Enrolment?

If you need a speedy solution for Auto Enrolment find out about our fast-track service now – call one of our specialists on 01270 530970 or email enquiries@banks-sheridan.co.uk

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 and systems. 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 full 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
  • 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

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 Pensions Regulator.

 

What is Auto Enrolment?

The law on workplace pensions has changed. Every employer with at least one worker 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 workers – they do not have to do anything to be enrolled into the pension scheme.  It is however 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, you have these responsibilities for each type of worker:

Annual earnings

Age

From 16 - 21

From 22 - SPA

From SPA - 74

£5876 and below

ENTITLED WORKER   
 Has a right to join a pension scheme

Over £5876 up to £10,000 inclusive

NON-ELIGIBLE JOBHOLDER  
 Has a right to opt in

Over £10,000

NON-ELIGIBLE JOBHOLDER
Has a right to opt in

ELIGIBLE JOBHOLDER Automatically enrol

NON-ELIGIBLE JOBHOLDER 
Has a right to opt in

 

When do auto enrolment pension schemes need to start by?

New businesses established between 1 April 2012 and 30 September 2017 will have a staging date of between 1 May 2017 and 1 February 2018.

New employers, paying their workers for the first time from 1st October 2017 will have immediate duties.

 

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 £5,876 and £45,000). The minimum levels of contributions increase in stages, as follows:


Date

Employer minimum contribution

Total minimum contribution*

Before 5th April 2018

1%

2%

6th April 2018 to 5th April 2019

2%

5%

5th April 2019 onwards

3%

8%

(* tax relief is received on the employees’ contributions)

 

Do employees need to contribute?

It is a legal requirement for employers to automatically enrol eligible employees into a suitable pension scheme. The employer is entitled to deduct the employee’s 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%.