Will you get to retirement and find that you have underpaid your tax and/or NI contributions, because your employer(s) payroll have not made the correct deductions throughout your employment? We have discovered that this can happen! Someone very close to home has just discovered that they now owe the HMRC a small fortune purely because their previous employer, a ‘National’ company, has incorrectly deducted their tax contributions during their 10 year+ employment. How fair is this? If you can’t trust your employer to do things correctly, who can you trust?!!
Unfortunately, there is no avoiding this payment; this person is still liable to pay the amount despite the problem being not of their making, and having retired, is now having to find this payment out of their pension income. What is the comeback with the employer concerned?
Please get in touch if need any help as an employee or employer for your payroll. If you are an employer with at least one member of staff, auto enrolment means you need to enrol all eligible staff into a workplace pension scheme and contribute towards it. If you already pay into a pension scheme, you need to make sure it is suitable for auto enrolment.
The Pensions Regulator suggests that setting up your auto enrolment pension scheme could take up to a year.
If you would like help on auto enrolment and payroll, get in touch. We’ve teamed up with the auto enrolment geeks at Auto Enrolment Bureau who can give you all the support you need and take it off your hands.