Business owners in Birmingham are being urged to attend an important seminar outlining changes to the PAYE and Pensions.
Partners from Edgbaston-based chartered accountants JW Hinks are holding a free workshop on Wednesday 26th September at Edgbaston Cricket Ground to outline the introduction of HM Revenue & Customs Real Time Information (RTI) initiative and the incoming Auto Enrolment pensions process.
With effect from April 2013, HMRC are proposing a complete overhaul of the way employee information is filed, with the introduction of the RTI initiative.
Employees and Payroll Managers are amongst those most affected by these changes.
The Auto Enrolment process will, for the first time, see every employer required to automatically enrol eligible employees into a qualifying workplace pension scheme and make minimum contributions to that scheme.
As 85 per cent of a typical UK employer’s expenses are staff-related, this process is set to have a marked impact on a company’s profitability.
Furthermore, failure to comply with the strict requirements for keeping accurate and detailed records will lead to penalties of up to £50,000.
The seminar will hear from Claire Richards, Payroll Manager at JW Hinks, Andrew Windsor, from the JPM Group and Philip Hurst from Aegon.
Jenny Bomber, JW Hinks partner, who is introducing the seminar, said: “This is an important seminar for all employers facing up to these fundamental changes in PAYE and Pensions.
“With effective planning, understanding and preparation, employee and payroll managers can minimise disruption.
“However it is crucial that businesses weigh up their options and explore all the avenues available to them, which is why we are putting on this free seminar.”