Crunch time looming for small businesses

Automatic enrolment into a workplace pension is gathering momentum, as thousands of small businesses now work towards their compliance deadlines.

 

            

2015 starts to see the volume increase with more than 46,000 companies affected. And in 2016, more than half a million companies will need to start a pension scheme - 110,000 of those in the first quarter of the year. The latter part of 2015 will be a real crunch point for small businesses - and their accountants. Many should start the planning process sooner rather than later to avoid the rush.

A lot has been made of the success so far of automatic enrolment (AE) and there is plenty to be positive about, but with only 3% of the UK's businesses having staged, there is a long way to go before we can crack open the champagne. Time is ticking away, and the last minute scramble to comply seems almost inevitable, placing unimaginable strain on advisers and providers alike.

Read Matt Mitten's full article on accounting web, by clicking here.