Paycircle

Ignorant Businesses Risk £22m in Auto-Enrolment Fines

Ignorant Businesses Risk £22m in Auto-Enrolment Fines

The UK’s smallest businesses risk collective fines of up to £22m for failing to fulfill their auto-enrolment duties, Paycircle has reported. Paycirlcle’s analysis of The Pensions Regulator’s latest report shows that, of the 262,000 micro-businesses (those employing one to four members of staff) expected to stage this financial year, 21% or 52,000 have a “limited understanding” of their duties to set up a workplace pension scheme. Small business employers appear to be less confused about auto-enrolment legislation – only 12% of small employers (those who employ between five and 49 staff) said they had a “limited understanding”. Paycircle calculated the £22m penalty sum by multiplying The Pension Regulator’s average fine granted to businesses t... »

UK Small Businesses Could Lose £25m in Auto-enrolment Fines

UK Small Businesses Could Lose £25m in Auto-enrolment Fines

UK small businesses are to face fines of up to £25m for missing the auto-enrolment deadline, according to research by Paycircle. Highlighting data from The Pensions Regulator (TPR), 63,700 small enterprises have set up a workplace pension since July 2012 up to the end of August 2015 – suggesting over 95% of businesses are compliant with the law. However, the TPR has revealed that 2,234 companies have already missed the deadline and incurred fixed penalty notices of £400. According to the survey, between now and 2018 some 1.8 million small business owners will be required to set up a workplace pension but base current rate of fines being handed out by The TPR, a large number of these businesses (approximately 63,000 employers) will miss the deadline and recieve non-compliance fines to... »