If you are an employer and employee staff over 22 years old or earning over £10,000 you must offer them a company pension scheme, even if they wish to opt out. If you do not set up a pension scheme the regulator may fine you up to £5,000 per company. Please note that this is the responsibility to set up, enrol and reenrol, of the director not the accountant.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 25th March 2024
From 6th April 2024 the National Minimum Wage for Employees 23 years and over will rise from £10.42 to £11.44. Please note this is the Employers legal responsibility to check their employees are earning at least this amount and inform the office to amend the payroll if required.