Back in 2012, less than half of private-sector employees in the UK had a pension scheme. Today, that figure is 85% and this huge increase is due to the successful rollout of auto-enrolment. It started with the largest companies and now applies to employers of all sizes with staff earning more than £10,000 a year, and who are aged between 22 and state pension age. However, auto-enrolment poses many challenges for smaller employers…
Did you know that just as businesses are getting over the huge cost and upheaval from the Automatic Enrolment regime HM Revenue and Customs (HMRC) are introducing ‘Making Tax Digital’(MTD)?
In 2013 George Osborne announced a £2,000 employment allowance which removed the first £2,000 of employers’ National Insurance contributions. This tax cut is estimated to benefit 1.25 million businesses and 35,000 charities. It is also predicted that 450,000 businesses will drop out of paying employers’ National Insurance completely.
There has been a problem this year with HMRC’s processing of P11D (b) Forms. Read our article to find out more.