Quite a few businesses are completing their auto-enrolment applications after their staging date has passed, according to research.
Of the firms that registered with the workplace pensions provider, 40% completed their application either close to their staging date or after the deadline.
Employers who fail to comply with their auto-enrolment duties will receive a 28 day warning notice. If the notice is ignored, a fixed penalty will be issued.
If the company continues its non-compliance, a rolling daily penalty based on the number of employees will be applied. Those with 1 to 5 employees can be fined £50 a day, while those with between 5 to 49 workers can be fined £500 a day.
Small business owners have a lot to think about auto enrolment and take necessary steps before it’s too late.
Talk to us today to discuss auto-enrolment.