Auto Enrolment Accountant For Employers in London

Royds Accountancy

Accountants in Eltham
43 Lovelace Green,
Eltham,London,
SE9 1LG
UK
Phone: 020 3488 0529

 

A London accountant such as Royds Accountancy can help you with many services such as Automatic Enrolment.

Over the years, the UK has seen revolution in the laws governing the workplace. Laws have been passed to provide a conducive work environment for all employees, in all organizations, across the country. The Pensions Act 2008 has perhaps been the most drastic of these laws. It dictates that every employer in the United Kingdoms is obliged to enroll designated members of the work force in a pension scheme and make contributions towards it. This policy is popularly known as Automatic Enrolment’. Whether you are a CEO of a big corporation or a small scale entrepreneur, you are entitled to obey the Automatic Enrolment’ policy, as long you have at least one person working under you. The introduction of this law was made necessary by the fact that approximately seven million people in the UK don’t save enough for retirement, and thus end up relying on government aid in their old age.

auto enrolment help

Before putting your employees in an Automatic Enrolment’ pension scheme, it is important for you as an employer to understand your role in managing a good quality scheme by hiring an automatic enrolment accountant. The very first step towards fulfilling this law is determining your staging date (the date the law will start affecting you). You can find this out by visiting The Pension Regulator’s website, www.thepensionregulator.gov.uk/employers/staging-date.aspx and entering your PAYE reference. Afterwards, you will need to offer one of your workplace pension schemes to be used for automatic enrolment. Next, you need to determine which of your employees are eligible for the said scheme. According to government laws, an employee is eligible for a workplace pension if he or she:

· Is aged between twenty two years and the pension age provided by the state.

· Has an annual salary of at least ten thousand pounds.

· Works within the UK

Once you’ve determined who your employees are, you need to determine who you need to place in the pension scheme. This can be approached based on seniority or age. Alternatively, you can consult with licensed pension scheme providers to help you decide who to put in the scheme. Remember that you, as their employer, is responsible for making regular contributions into their pension pots’. The least amount that one can pay into this pension pots is one percent of their annual salary. As an employer, you will of course need to inform your employees about automatic enrolment beforehand. After executing all the above steps, you are required by the law to inform The Pension’s Regulator of the ways in which you’ve complied with the law.

Tips For Those Who Are New To Tax Planning

C&C Accountancy and Taxation Services
Accountants in Essex
88 North Street,
Hornchurch, Essex
RM11 1SR
UK
Phone: 01708 471442

 

 

An individual’s tax refund consists of the difference between the excess amount of taxes you pay in comparison to the amount of tax you owe. Minimal tax planning techniques that are aimed at helping to reduce your taxable income amount can help increase the difference between these two figures, and can also increase your refund.

There are some cases where these strategies are able to provide other types of benefits as well. These benefits can help provide a cushion for retirement and offset the costs for health care. Although there are some parts of the tax law can be very complicated for taxpayers, those who are new to tax planning can also learn to focus on reducing taxable income.

 

 

Methods To Plan For Your Deduction

As you are completing your return, you have the option of choosing standardized tax deduction techniques or itemized deduction techniques in order to determine how much of your income is taxable. A standard deduction is an amount that has been set by the federal government that you are able to claim.

An itemized deduction is an actual expense that makes for an expense that can be deducted. The best way to determine your deduction method is to have a filing system in place for your receipts. At the end of the year, you will be better equipped to make an informed choice during tax time.

 

 

Strategies For Retirement Savings

Qualified individual retirement programs and other related savings plans can help you during tax planning, and help you save tax during the current filing year. Most taxpayers use retirement plans for tax deductions now and for a source of income at a later date. At a current tax rate of 25%, adding $15,000 in your retirement plan may be able to save you almost $3800 with your current return.

The earnings on this money are not taxed until you are ready to withdraw it. However, if you maximize the amount you contribute to the account, you will have a more effective strategy for retirement planning.

 

Tax Shelters

There are other types of tax shelters that you can benefit from to not only help you defer some tax, you may be able to avoid some tax completely. These shelters include:

• Savings accounts for dependent care – These are flexible and are funds that are used to help pay for expenses related to childcare while you are working
• 529 college plan – These are funded with after tax money, but withdrawals that are approved are tax free
• Health coverage plans – Includes medical savings accounts and health savings accounts

 

 

Tax Credits

You can also reduce the amount of money you owe in taxes by taking advantage of any tax credits that are relevant for your situation. Tax credits that are refundable help to reduce tax and can create an abundance that can be used as a tax refund.

The earned income tax credit can be used by those who have low incomes, and the child tax credit can be used by those who have dependents under the age of 17. Other qualifications do apply.

Tax planning can effectively help tax payers save money while paying taxes and get a bigger refund. Consult with a tax specialist so you can learn ways to increase your refund and reduce your tax debt.

The Reasons Essex Accountants Save You Money Are Numerous

Accountants in Essex
Unit B, The Laindon Barn
Dunton Road
Basildon,Essex
SS15 4DB
UK
Phone: 01268 330162

Accountants are trained to handle money in personal and business finances so that people get the most efficient results. Accountants save you money by applying their knowledge in regard to your handling of your money.

Accountants have a record of every transaction that you or your business make, and thus are able to offer advice on spending patterns and taxes. One of the most important areas where an accountant can be of assistance is with your taxes.save business money

Taxes play an important part of every individual’s or business’s cash flow projections and you accountant can help you to manage how the money is handled in regard to taxes. There are strategies that can be employed by your accountant that will minimize your taxes.

Accountants save you money by helping you to organize your business in the most advantageous way possible. For example, in business the decision has to be made in regard to what form you want to structure and run your business. It might be more efficient and profitable to set up and run your business as a Limited Liability Company, or an LLC, and your accountant can evaluate your business and advise you accordingly.

In addition, accountants save you money by analyzing your day by day activities and can identify buying and spending patterns that could possibly be improved and will make your business more profitable. Sometimes the day to day issues in a business leave little time for the business owner to analyze things, and that is where a good accountant can be of great value.

The accountant can look over the history of transactions and see where better efficiencies could be applied in order to save money. There are many other ways accountants can save you money, as that is what they are trained to do, and in general they are very knowledgeable and proficient.