Small businesses who don’t adhere to new staff pension rules could face large fines, according to South Wales accountants WBV Ltd.
Around half a million UK employers with fewer than 30 employees will be required to enrol eligible staff into a pension – and start paying into it – this year.
All employers have been given an automatic enrolment date, called a ‘staging date’, and this is the date by which they must ensure workers are signed up.
But Neath and Swansea based independent chartered accountants, WBV, fears that many SMEs won’t give themselves enough time. As a result, many of Britain’s businesses could be subject to fixed penalties of £400, daily fines of £50 to £500, and even prosecution.
Says Richard Chapple, director at WBV, “Employers should start planning around one year before their staging date, and I would recommend that they visit our website for guidance.
“It is all too easy to put it off but this is an issue that cannot be overlooked. There will be thousands of employers needing to meet their workplace pension duties in 2016 and so it makes sense to approach a trusted firm for advice in plenty of time. We don’t want to see anyone pay a fine that could be avoided by simply planning ahead.”
NOTES TO EDITORS
For more information please contact:
Richard Chapple
WBV Limited
Tel: 01639 635555
Email: richardchapple@wbv.ltd.uk
The Third Floor
Langdon House
Langdon Road
SA1 Swansea Waterfront
Swansea
SA1 8QY
Tel:01792 652108
Woodfield House
Castle Walk
Neath
SA11 3LN
Tel: 01639 635555
WBV Ltd is a member of the prestigious UK200 Group of independent practicing chartered accountants with offices throughout the UK and associates overseas.
