Nick Smith, our senior manager says…

Automatic Enrolment into a Workplace Pension

As you may be aware, legislation was passed in October 2012 requiring employers to automatically enrol eligible employees and make employer and employee contributions into qualifying workplace pension schemes.

The Pensions Regulator (TPR) will notify you 6 to 12 months before the date you have to enrol your employees, this is called your staging date. For smaller businesses (49 workers or less) you will have to start enrolling from June 2015 to April 2017.

As such, your staging date may seem some time off but between now and then, various steps do have to be taken. Namely:

• Nominate a point of contact for your business and TPR
• Know your staging date and develop a plan to have a registered scheme in place by that time
• Assess your workforce
• Review any existing pension arrangements
• Make sure that your employees know about and understand what changes have to happen

At your staging date you will need to have:

• Automatically enrolled eligible employees into the selected pension scheme
• Registered the scheme with TPR
• Contribute to the scheme for your employees
• Maintain and administer the scheme

This is a simplistic outline of the new rules and, in reality, there is much for you to do in order to ensure you meet the legislative requirements.

If you would like further information or assistance in complying with the new law, please give me a call.

Lucy Birchall, our Trainee Accountant at Preston, says…

I am delighted to have recently joined the Rotherham Taylor team in Preston, as a trainee accountant.

After receiving my A-Level results in 2012 I was weighing up my options of what to do next. University didn’t appeal to me, but as I already had an interest in accountancy from some of my A-Level modules, I decided to take the AAT route. I completed the first level of my AAT and then began in a quest to find a job so I could experience accounts hands on. I was thrilled when Rotherham Taylor’s vacancy popped up!!

Being my first 9am-5pm office job; it has been a real change for me (early get-ups and early nights!) However, I have settled in well and I am really enjoying learning new things. The majority of my work has been in payroll, which Ian has patiently taught me (despite probably asking too many questions!!). I am now moving on to deal with bookkeeping and preparation of small company accounts.

In the next few weeks I will begin the next level of AAT, studying one day per week at college. I’m sure with hard work, determination and all the supportive RT team behind me, I can look forward to a successful future.

Sophie Maxwell, our Receptionist at Preston, says…

This is my second and last blog piece for Rotherham Taylor, as I will be leaving the team next week. I have worked here for 16 months on reception and have enjoyed all the aspects of my role. I have a few favourite clients who regularly pop in to drop books off or speak to a member of the team upstairs and it’s lovely to hear little snippets here and there about their recent holidays, or what their day holds for them. I will certainly miss the banter! I also enjoy when the accountants upstairs pop down to put typing in my in-tray and I get a quick update on how they are, how their children are doing, what their exploits were at the weekend.

I have seen a number of changes here at RT and know there are exciting times ahead as the team at Preston grows. I would like to thank the RT team for their support and wish everyone the best of luck for the future.

 

Amy Sharples, our Trainee Accountant says…

Be Your Own Boss
You don’t always have to start your own company or business in order to be your own boss. Many people enjoy the freedom of working for themselves by becoming an agent or franchisee for an existing company.

With Subway and McDonalds popping up on almost every street corner in the UK, it appears that many people are taking the plunge to work for themselves. Fast food outlets are just one example of franchisees and agencies and opportunities can come in many different forms and on many different scales. It is even possible to become an agent alongside your regular job, giving you new skills and confidence as well as supplementing your income.

I speak from experience here as my sister, a chartered accountant by day, recently launched her new venture and became her own boss. Last night, I attended her first ever trunk party to showcase the products of a New York based jewellery and accessory company that sells its products through agents, who encourage others to host parties at which their friends and family can enjoy a get together whilst trying on the jewellery. As an agent, you are entitled to a percentage of the amount sold at each party, meaning the risk is extremely low.

Although agents and franchisees have reduced creative control over their businesses, there are many advantages to consider. Selling through an established company means that a brand has already been created and you have instant market share. In my sister’s particular situation, the costs of stock purchasing and marketing are met by head office.

So it’s not always scary to start your own business and be your own boss. Being an agent or franchisee can give you a taster of the freedom and rewards having your own business can bring, without the risk of large initial start up costs and the challenge of building up a brand from scratch.

RT, as a firm, does act for a number of franchisees so if this is something that you are considering, feel free to get in touch.