SMALL BUSINESSES FACING FINES FOR MISSING GOVERNMENT AUTO-ENROL DEADLINE
May 11 2016.



Between now and 2018, some 1.8 million employers will begin to ‘stage’ (be required to set up a workplace pension), but based on fines handed out by The Pensions Regular (TPR) to date, a large number of small and micro-businesses will miss their target and face a £400 fixed penalty.


According to TPR data, of the 63,700 companies that have staged since July 2012, more than 95 per cent have complied with the law. The rest have been handed fixed or escalating penalties.

If the current rate of fines being handed out continues, then between now and 2018, an estimated 63,000 small and micro UK employers, representing roughly 3.5 per cent of those due to auto-enrol, will receive fixed non-compliance fines totalling over £25 million.

This fines warning follows recent TPR findings showing that 40 per cent of micro-employers (those with one and four staff) will turn to external advisers for advice, spending around £317 million between now and.....


For the full story at smallbusiness.co.uk CLICK HERE