A KEIGHLEY accountant has warned that new businesses must now include staff pension schemes in their start-up costs – even if they only employ one person.
Dave Forrester – of TaxAssist Accountants – said that under new rules, all employees have to be auto-enrolled onto a scheme.
And the firm must contribute to their pension pot.
“There is no breathing space for new businesses under the regulations – despite the host of other cost considerations they face as they launch their enterprise,” said Mr Forrester.
“They must set-up a company pension scheme and a total of two per cent of eligible staff’s wages be contributed, of which at least one per cent must come from the employer.
“Those percentages will increase year-on-year until reaching a total minimum contribution of eight per cent in 2019, with three per cent coming from the employer.”
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