Accountants, Take Advantage of Auto Enrolment's Opportunity
Last year, we covered the acceleration in businesses staging for automatic enrolment during 2017. Well, the time has now come and once February begins, the staging journey for well over half a million businesses will begin.
If you’re a regular follower of the IRIS blog, you’ll know that research from NEST found that 74% of small businesses yet to stage for auto enrolment plan to seek professional advice to see them through the process.
The average price charged by accountants for guidance on auto enrolment is £440, highlighting the real opportunity your practice has to make the legislation a real engine for profit over the next two years.
New research by Helm Godfrey has revealed that over half of accountants admit to not knowing enough about auto enrolment – despite the impressive figures mentioned above.
Steve Wood, head of auto enrolment for Helm Godfrey, said, “When you consider that the majority of practice-based accountants we interviewed told us that fewer than 25% of their clients have begun the auto-enrolment process, there’s going to be a lot of small businesses coming to accountants for advice in the coming year, but many of them may not be equipped with the specialist knowledge required to provide the advice their clients need.
“The complexity and scale of the task means that many small employers are simply going – or being pushed – to NEST or one of the other master trust pension schemes that have been set up to meet the demand for auto-enrolment schemes; often without any consideration for their (or their employees’) particular needs.”
Understanding Auto Enrolment
To help accountants first of all understand the legislation and secondly profit from it, we offer the free Auto Enrolment Accountancy Kitbag to help accountants make auto enrolment a key part of their business strategy. If you are yet to do this, these figures from NEST should be all the incentive you need!
Download the free Auto Enrolment Accountancy Kitbag to access a range of helpful content such as letter templates, pre-recorded webinars, guides, exclusive content from The Pensions Regulator and more.
You can download the Kitbag using the button below.