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Setting up a limited company - Auto Enrolment and PSCs

Pension auto-enrolment came into force for large employers on October 2012. This duty requires directors/employers who have gone through a limited company formation to auto-enrol certain members of their workforce into a qualifying pension scheme and make contributions towards it. What this means is that employers must have a qualifying pension scheme in place. It also means that employers will have to assess workers on a regular basis to understand whether to include them in the scheme.

Auto-enrolment does not apply to single director/employee Personal Service Companies. If however, the company employs a second person, including a spouse or partner, auto –enrolment will apply.

Small employers of this nature have been allocated an automatic enrolment date of 1 April 2017. If you would like further guidance or advice on this topic, our specialist accountants at Genie Accountancy can help - give them a call. 01296 468 185

From that date the following contributions will need to be made:-

To October 2017To October 2018From October 2018
EmployerAt least 1%At least 2%At least 3%
Employee1%3%5%

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Genie Accountancy is one of the UK’s most reputable contractor accountant specialists. From help with setting up a limited company and understanding a director’s responsibilities to determining IR35 status and undertaking tax planning. Our Consultants provide all the advice and support required to help you and your limited business.