Small business owners - numpty Qs on new pension regs
Discussion
Hi all,
Apologies in the first instance if these questions are numpty/obvious/stupid but I’m going on the assumption that if you don’t know then you have to ask no matter how stupid they may seem.
My wife runs a small business employing just 1 person. This person is 22 and we are trying to sort out what is the confusing (to us at least and I’m sure we’re not the only small business owner in this situation) new pension regulation that comes into force for us next month.
We’ve signed up to NEST as it’s the easiest for us to administer initially and have enrolled our employee.
Staging date was 1st June with IIRC a live date of 13th July – do we start from the August payroll? Or pro-rata July?
Currently we use the very basic payroll system from HMRC – Basic PAYE tools – this works for us as it’s simple, easy to use and free – especially as we only have 1 staff member.
This system doesn’t support NEST automatically so I guess the first question is how should I calculate any deduction which I believe is a net of tax amount only on her pay slip with NEST sorting out the reclaim directly (us having paid via PAYE).
Is there a better alternative to this system we can use? Not mega bucks though for previously stated reasons.
If the employee opts out I presume we must still pay in as an employer? That is just the ‘x’ % of the gross salary then reported to NEST?
Is anyone else even a little confused with all this or is it just me having a bit of a thick moment?
I will give NEST a call this week to clarify a few points but thought I’d ask some basic questions on here to see if I was alone or anyone had some friendly advice?
Apologies in the first instance if these questions are numpty/obvious/stupid but I’m going on the assumption that if you don’t know then you have to ask no matter how stupid they may seem.
My wife runs a small business employing just 1 person. This person is 22 and we are trying to sort out what is the confusing (to us at least and I’m sure we’re not the only small business owner in this situation) new pension regulation that comes into force for us next month.
We’ve signed up to NEST as it’s the easiest for us to administer initially and have enrolled our employee.
Staging date was 1st June with IIRC a live date of 13th July – do we start from the August payroll? Or pro-rata July?
Currently we use the very basic payroll system from HMRC – Basic PAYE tools – this works for us as it’s simple, easy to use and free – especially as we only have 1 staff member.
This system doesn’t support NEST automatically so I guess the first question is how should I calculate any deduction which I believe is a net of tax amount only on her pay slip with NEST sorting out the reclaim directly (us having paid via PAYE).
Is there a better alternative to this system we can use? Not mega bucks though for previously stated reasons.
If the employee opts out I presume we must still pay in as an employer? That is just the ‘x’ % of the gross salary then reported to NEST?
Is anyone else even a little confused with all this or is it just me having a bit of a thick moment?
I will give NEST a call this week to clarify a few points but thought I’d ask some basic questions on here to see if I was alone or anyone had some friendly advice?
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