Operating a payroll can be both time consuming and complicated, and the introduction of Pensions Auto-enrolment has increased the burden on employers, heightening the potential risk of penalties for non-compliance or late submissions.
The Pensions act of 2012 introduced new legislation that made it compulsory for all employers to implement a company pension scheme irrespective of the size of their business. Since then, all companies must offer their staff the opportunity to re-enroll into the scheme every three years.
Whitley Stimpson, one of the largest independent accountancy practices in the area, with offices in Banbury, Bicester, High Wycombe and Witney, has a dedicated payroll team supporting clients in dealing with all the everyday issues associated with employing staff, including Pensions. It offers a confidential, cost-effective solution to meet individual business requirements, whatever the size or complexity of your business, or simply provides support when needed.
Earlier this year the Pensions Regulator announced a new wave of short-notice mandatory inspections targeting employers that they believe are ignoring their automatic pension enrolment duties. The inspections started in the summer and are ongoing, with failure to comply a criminal offence. The message from the regulator is clear: break the law, and you’re very likely to get caught.
Tracy Gill heads up Whitley Stimpson’s payroll team of five and explains:
“Inevitably there will always be a small number of rogue businesses that seek to flout the rules but sometimes law-abiding businesses that have made entirely innocent errors or accidentally missed deadlines are at risk of action from the regulators.
“Re-enrolment comes with complex rules, for example – the re-enrolment date must fall in the three months either side of the first anniversary of an employee’s staging date. That’s the date their workplace pensions started. And whatever the outcome, employers must then submit an online declaration of compliance form to confirm to the regulator that they have met their re-enrolment responsibilities.”
The Whitley Stimpson payroll team has enjoyed tremendous growth over the last few years, with an average of 10% year-on-year increase in the number of new clients. The team was named as a finalist in two Reward Strategy Awards categories this year for the Service Provider Team Award and The Next Generation Award.
“The aim for 2020 is to actively market a newly streamlined accountancy payroll service and to look to recruit even more people to support this growth and maintain our excellent work on behalf of our clients. Our focus is not just on aiming for continuous improvement here but working with clients to improve their whole approach and this includes compliance with pension auto-enrolment.”
To speak to one of Whitley Stimpson’s payroll experts, please call Tracy Gill on 01295 270200 or visit www.whitleystimpson.co.uk