Apr 2016
7
BrightPay at the TaxAssist Conference
BrightPay are delighted to be exhibiting at this year’s TaxAssist Conference. The annual conference will be held at the Celtic Manor Resort in Newport, Wales and will see almost 350 delegates partake in a day of seminars, business, networking and entertainment.
The day will kick off with an exhibition in the morning showcasing 40 exhibitors, including BrightPay. After a buffet lunch, delegates will benefit from presentations by Tax Assist Directors and table discussions with key partners of the franchise.
As a preferred payroll supplier to TaxAssist Accountants, BrightPay’s Managing Director Paul Byrne will hold one of the table discussions. Paul will discuss ‘A Simple Strategy to Automate Auto Enrolment’ which will outline how accountants can automate AE to improve profitability.
BrightPay payroll and auto enrolment software enables accountants to streamline auto enrolment tasks, improving efficiency and profitability. Visit BrightPay’s stand to avail of a demo of the software.
BrightPay’s bureau licence includes unlimited employers, unlimited employees, free support and full auto enrolment functionality. BrightPay 2016/17 includes a number of new features, including integrated CIS & P11D functionality – find out more here.
Read: What happens if you don't comply with automatic enrolment?
Nov 2014
14
Ever Wonder Where Your Money Goes?
Have you ever wondered how the government spend tax paid by you? In a bid to make tax more transparent and easier to understand, the government introduced Annual Tax Summaries which allow you to do just that.
Although first introduced in Budget 2012, HMRC began issuing the first Annual Tax Summaries on 3rd November 2014. Over 24 million people will receive their tax summary within the next 7 weeks, which will explain:
• How their National Insurance contributions were calculated for the 13/14 tax year
• How this money was spent by the government
Around 24 million individual taxpayers will receive a personal tax summary in this first year. 16 million tax summaries are being sent by post to PAYE taxpayers who received a tax coding notice from HMRC for 2013 to 2014. A further 8 million taxpayers who complete self-assessment tax returns will be able to access their tax summary online.
The tax summaries are for information only and therefore recipients do not need to do anything or contact HMRC about them.
Click here for more information on Annual Tax Summaries.
Oct 2014
17
BrightPay at the Bookkeepers Summit
BrightPay directors Paul Byrne and Ross Webster were in London earlier this week for the 5th Annual Bookkeepers Summit. The event is the world's largest one-day seminar dedicated to bookkeepers and the work that they do.
Last Monday, over 500 delegates gathered in the Queen Elizabeth II Conference Centre in Westminster where they enjoyed a full day of presentations from leading speakers including the Minister for Pensions, and representatives from HMRC and The Pensions Regulator. Many of this year’s presentations were focused on auto enrolment.
The day-long event also included a drinks reception, a member’s dinner and an exhibition. The exhibition showcased various software products aimed at Bookkeepers, with BrightPay being one of the 18 stands to visit. The Bookkeepers Summit was one of BrightPay’s busiest exhibitions to date with hundreds of delegates visiting the BrightPay stand.
The event was organised by the Institute of Certified Bookkeepers (ICB) who gave away a Smart car on the day to a lucky winner. Overall, the day was a great success with many describing this year as ‘the best one yet’.
BrightPay also achieved ICB accreditation for its payroll software and the independent report can be downloaded here.
Aug 2014
29
How to simplify your communications duties in auto-enrolment
Many employers do not realise the amount of work involved in the communications aspect of auto-enrolment. In a recent study, it was revealed that communicating the changes proved to be the most challenging aspect post-staging date, with 19% of employers struggling with communicating changes to employees.
Many payroll software providers are updating their software to assist with auto-enrolment; however very few of them perform communication duties. When deciding on payroll software, employers sometimes forget to consider whether or not it caters for communications. By choosing payroll software that helps with communications, it can make the auto-enrolment process much easier for employers.
With auto-enrolment, you need to write to each member of staff individually depending on their employee category. Eligible jobholders, non-eligible jobholders and entitled workers all have different rights, and so each must receive different letters outlining their entitlements.
If postponement is used, you must also write to the postponed employees to notify them. Furthermore, if you already have a qualifying pension scheme in place you still need to write to staff members who are in the scheme to let them know that they are not affected. After staging, you must also monitor employees and communicate with any employee who becomes eligible for auto-enrolment for the first time or any new starters who are eligible.
It is your responsibility to make sure the right information gets to the right member of staff at the right time. There are time limits in place to ensure that employees have sufficient time to gather information on auto-enrolment so that they can make a well-informed decision.
The necessary communication required can be extremely time-consuming if left to do it on your own. However, by having payroll software that has the necessary letters ready to print for each individual it can make your job much easier.
Aug 2014
19
National Payroll Week – Time to get creative!
From 1st to 5th September 2014, companies across the UK will be celebrating National Payroll Week. This year, NPW focuses on how we are educating the nation, raising financial awareness and the importance of saving for retirement.
The annual campaign has two aspects; to recognise the hard work, effort and invaluable contributions made by payroll staff on a daily basis, and to educate the workforce assisting individuals know more about their pay checks and payroll related aspects.
Across the country, payroll staff ensure that millions of people are paid the right amount at the right time, every pay period. Payroll continues to evolve into a profession that requires multiple skills, from the fundamentals of operating a payroll to implementing complex legislation, such as the requirements for auto-enrolment.
This year, many changes have been made to payroll processes, especially regarding auto-enrolment, which affects almost all employees. NPW is an ideal time to inform employees about auto-enrolment so that they understand the new pension scheme and their entitlements.
All companies can benefit from celebrating NPW as it helps educate your employees on their payslips, what their deductions are and the importance of saving for retirement. Make sure you and your payroll team get involved in the payroll profession's biggest celebration in 2014. You can request a NPW pack –including posters, stickers, and balloons – by emailing npw@cipp.org.uk. CIPP encourages creativity in celebrating NPW and like to hear how companies got involved.
Last year’s theme was “it pays to learn”, with companies celebrating through a range of events including cake sales, team days out, walk-in sessions, payroll quizzes, competitions and volunteering for local charities. Some organisations used the opportunity to introduce changes in their payroll processes, such as e-payslips.
For more information on National Payroll Week visit www.nationalpayrollweek.co.uk
Aug 2014
13
Many SMEs Unaware of Auto Enrolment Burden
As of now, all organisations with 60 or more employees have reached their auto-enrolment staging date. Over the next four years, 1.3 million SMEs will be legally obliged to offer their workforce a pension scheme.
Unfortunately for smaller businesses, many are still unaware of the burdens of preparing for auto-enrolment.
The Shocking Truth
Recent research revealed some alarming statistics regarding how unprepared SMEs really are. According to the research:
• Two-thirds of SMEs (67%) have no idea when their auto-enrolment staging date is
• 49% of respondents understand little or nothing about the changes they need to make
• 32% of respondents felt they do not know enough about auto-enrolment to be able to determine its impact on their company.
It is worrying that so many employers are oblivious to the challenges ahead. A later staging date for SMEs is no reason for inertia; the earlier an employer begins to prepare the easier the transition will be. Planning for auto-enrolment can be a time-consuming exercise and does need considerable preparation. Employers need to consider a number of factors, including:
• How to prepare the company financially
• What pension scheme to opt with
• Using payroll to process pension contributions
Late fees may drive up financial burden
Preparing for auto-enrolment from a financial perspective is critical. Employers must pay contributions to their employees’ pension schemes, which will rise to a minimum of 3% of employees’ basic pay by 2018. However, additional charges may also apply, including potential fines if SMEs are late in setting up their auto-enrolment pension scheme.
Standard Life estimates that it could cost SMEs up to £34,000 to backdate contributions for just three months. The Pensions Regulator has the power to fine employers with less than 250 employees a maximum of £2,500 per day if they don't comply with their new duties on time. Late payment may also lead to employers liable to meet their employees' missed contributions if the employee is unwilling to do so.
All can be made easier...
Although these additional fees pose further risk to SMEs, it is not as dreadful as it sounds. By using a payroll provider, auto-enrolment is made easier and more understandable with less risk of making avoidable mistakes. By finding the right software to suit your company, administration charges can be kept to an absolute minimum.
To avoid penalties and costs, SMEs need to prepare themselves today. In a sea of additional charges and red tape, SMEs are advised to shop around to find the best pension scheme and payroll provider that suits their needs.
Many SMEs are unprepared for the financial burdens lying ahead, and to begin, employers are urged to become aware of their staging date as soon as possible. The earlier you begin to plan and seek expert advice, the less of a headache auto-enrolment will be for your business.
