You might also be interested in
Replies (6)
Please login or register to join the discussion.
Worry about your existing pension plan
A very good article.
On the topic of "cost control" , remember that the price cap applies retrospectively so even if you set up your workplace pension before April 2015 ,the restrictions on high charges, commission and dual pricing (active member discounts) apply to current plans as well as those still to be set up.
If you are worried about whether your existing plan will still qualify, you should speak to your adviser, or your provider. Remember too that Providers do not have to concert an existing workplace pension into a scheme that qualifies for auto-enrolment.
Pension enrolment
Yes its probably about time all small business owners with less than 5 employees
called it a Day & just made everybody redundant.
Virtually impossible not to fall foul of the Legislation from payroll to Pensions & the cost of implimentation & fines by the Tax Gestapo.
Thankless excercise now employing others
a chance to grow new businesses
John, your response sounds so defeatist. Surely the better approach is to get your employees to set up their own consultancies and pay them a fee rather than employing them. Everyone wins - you no longer have employment legislation to worry about, the government has up to 5 new businesses to demonstrate economic growth and you could perhaps offer to let them use your offices as a base on a cost-sharing basis - so your overheads go down too.
Gestapo
Nice idea about the consultancies but what about the dreaded IR35!
The tax Gestapo wins hands down every way. New legislation right, left and centre and of course a whole new raft of Penalties and Fines to go with it and if you don't pay they just help themselves from your bank account. So much for the promised 'less red tape for business!'
I can totally relate to John's sentiment.
Geheime Staatspolizei
I was not for a moment suggesting breaking the law. I was suggesting getting employees to genuinely set up consultancies which could not possibly fall foul of IR25.
But I agree that the rules allowing HMRC to dip their hands into your bank account are really worrying as they will take what they think is due rather than the right figure!
Easy to moan!
Well I run a small business with less than five employees and a larger one with more than 180 employees and one of them has staged auto-enrolment.
There are two ways we could go on this- we could go the scaremongering route and make it all a bit of a drag- or we could try to find a way through the treacle.
My suggestion is the latter- it starts with looking at things with an open mind and ends with a hassle free existence!
I'm enjoying the summer and working from my boat - sounds a good way to get through the treacle to me
If you want to use our treacle buster go to www.pensionplaypen.com/register !