by Michelle Bourne | Jan 12, 2024 | auto enrolment
In the dynamic landscape of business operations, staying compliant with evolving regulations is paramount. A payroll provider can be a game-changer in ensuring a smooth and compliant process, especially when it comes to managing pension contributions.
Integrating pension contributions into payroll processes streamlines the entire system. This means that contributions are seamlessly deducted from employees’ salaries, eliminating the need for manual intervention. Furthermore, these providers handle the intricate tax relief calculations, alleviating the burden on your finance team.
One of the significant advantages of utilizing payroll services is their commitment to staying abreast of the latest regulations. As regulations surrounding pension schemes are subject to change, relying on experts in the field ensures that your business remains compliant. From assessing eligibility to automatically enrolling eligible employees, payroll providers manage the entire spectrum, including the intricate processes of opt-ins and opt-outs, in accordance with the latest regulations.
In essence, integrating pension contributions into your payroll system not only streamlines operations but also guarantees compliance, allowing you to focus on your core business while leaving the intricacies of pension management in capable hands.
Here at Quickpaye, we process monthly pension maintenance, sending out any necessary correspondence, and will also upload your pension file for you to the relevant pension provider. We deal with Aviva, People’s Pension, Nest, etc to name but a few.
Please contact us with any of your queries, as our team member Mala, is our auto enrolment expert!
by Michelle Bourne | Apr 17, 2018 | auto enrolment, national insurance, National Minimum Wage, PAYE, statutory maternity pay, statutory sick pay
AUTO ENROLMENT PENSION CONTRIBUTIONS INCREASE FROM APRIL
With effect from 6th April, the minimum automatic enrolment (AE) contributions you must pay towards your employees’ pensions will increase. You will now need to contribute at least 2%, whilst the employee is required to contribute 3% themselves through automatic wage deductions. The government has warned that any failure to abide by these new regulations will lead to financial penalties for the organisation in question
STATUTORY PAY RATES TO INCREASE
The weekly pay rates of statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP) and shared parental pay (ShPP) will all increase from £140.98 to £145.18.
Coinciding with the new tax year, statutory sick pay (SSP) will increase from 6th April from £89.25 to £92.05 a week. The average weekly earnings limit which an employee must reach to be eligible for these statutory payments will also rise from £113 to £116 a week.
NATIONAL LIVING WAGE AND MINIMUM WAGE INCREASE
You will need to ensure you are paying your employees the new rates.
From the 01st April 2018 the Minimum Wage rates has increased as below:
- 25+ year olds – NMW (National Living Wage) will increase from £7.50 to £7.83 per hour
- 21 – 24 year olds – MW will increase from £7.05 to £7.38 per hour
- 18 – 20 year olds – MW will increase from £5.60 to £5.90 per hour
- 16 – 17 year olds – MW will increase from £4.05 to £4.20 per hour
- Apprentice rate (for apprentices under the age of 19 or 19 and over but in the first year
of apprenticeship) – MW will increase from £3.50 to £3.70 per hour
by siteadmin | May 2, 2017 | auto enrolment, PAYE
DID YOU KNOW THAT 4TH MAY IS INTERNATIONAL PAYROLL DAY???
LET’S PUT PAYROLL ON THE MAP!
This historic occasion is being held to bring together the global and in country payroll community to honour all of our achievements around the world.
We can reflect our growing strategic importance to the business.
Here at Quickpaye we are marking this event with a SPECIAL OFFER!
FREE SET UP FOR THE MONTH OF MAY if you want us to run your payroll for you! THIS IS WORTH £60 + !!!
We pride ourselves on being better than the people next door, we are always here to answer all queries and provide help with especially AUTO ENROLMENT which is a tough subject for all!
by siteadmin | Mar 15, 2017 | auto enrolment, PAYE
If you persistently ignore the penalty notices from the Pensions Regulator, then you risk receiving a COUNTY COURT JUDGEMENT for a failure to pay!
We are starting to see the first employers getting a CCJ, which can risk the future of your business!
Contact the Pensions Regulator before this happens to you. They can help you to avoid serious consequences.
Employers within the food and drink sector have recently been issued with a large proportion of penalty notices. In this sector there are typically employed a large number of temporary workers, with many people employed without a contract.
If you are worried about this happening to you then just call us at Quickpaye for our expert help and advice. We can make this headache dissolve away!
by siteadmin | Jan 13, 2017 | auto enrolment, Book Keeping, PAYE
So thanks to Auto Enrolment, more than 15 million people had signed up to a workplace pension by the end of 2015, and that is 10.6 million more than were enrolled at the start of 2012. This is according to the latest figures released by the Department for Work and Pensions and this is a staggering amount of people.
In plain language, this means that 75 per cent of eligible employees are now enrolled in a workplace pension.
Participation is up across all age and income groups, with the largest increases taking place in the private sector.
Employers need to make sure that their employees are aware of the value of this benefit, as well as the fact that it will be their responsibility to take the decisions to make the most of their pension when the time comes.
Employers can use this to offer incentives to their staff. Instead of an increase in salary, it can be more beneficial to offer to increase the amount of pension paid into the pot, since it will save them tax on the pension contribution.
Auto Enrolment is a key role in retirement planning now for generations to come.
IF YOU ARE HAVING ISSUES WITH AUTO ENROLMENT, THEN CALL US NOW AND WE CAN MAKE THIS HASSLE FREE FOR YOU!
