July

How much time could you save with the IRIS AE Suite™?

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There is no getting away from the fact that preparing your business for auto enrolment will be time consuming and making sure you allow enough time for carrying out the specific tasks that need to be in place will be essential.

You can however make things easier for yourself.   Ensure you spend time on the right activities and save yourself work where you can by having the right software in place.  The IRIS AE Suite™ will automate many of the key tasks of auto enrolment saving you valuable days.

Spend time doing this:

  • Make sure you take time to know your staging date and the legislation behind the auto enrolment process.  
  • Put time into researching suitable pension providers and make sure you have a plan in place so that key people in the business know what their responsibilities and actions will be.

Save time here:

  • Creating your own auto enrolment communications would take you around 5 days to complete – with the IRIS AE Suite they are all written for you and ready to go.
  • Don’t spend days preparing complex flow charts for the automatic enrolment business processes. This could take you weeks and the more manual processes the greater the likelihood of things going wrong. The IRIS AE Suite will ensure the key steps are done automatically so you don’t need to worry.
  • Classifying workers into categories can take up to 5 days when done manually.  This time is reduced to zero with the IRIS AE Suite
  • You could save up to 56.5 days when implementing automatic enrolment with the IRIS AE Suite™ – just think what you could do with all that additional time.  

Once you have staged

You may think that once your staging date arrives the hard work is behind you and you can relax as things get back to normal.  

Don’t forget, however, that there will be ongoing tasks that must be carried out and without the right systems in place you could be looking at adding extra hours to your workload each and every month.

You will have to assess workers each pay period, send communications when required and keep auditable records.

Doing this manually will take around 3.5 hours per month but with The IRIS AE Suite the processes are automated and can be performed instantly.

To find out more about how much time The IRIS AE Suite ™ could save your business, talk to a member of the auto enrolment team on 0344 815 5700. 

 

If you provide any taxable benefits to employees then you must submit to HMRC a P11D form (or P9 for employees earning less than £8,500 per year) for each employee receiving benefits.  You must also submit one additional form, P11D (b), to declare the overall amount of Class 1A National Insurance contributions (NICs) due on all the expenses and benefits you’ve provided.
Examples of taxable benefits include:
Private medical insurance
Company cars
Gym membership
You must also provide a P11D form to each of your employees which details the benefits they have received over the year and tax due.
Time is of the essence!
The deadline for submissions is 6th July 2014 and payment of Class 1A NICs should reach HMRC by 22nd July.  The HMRC will impose fines for late submissions – currently £100 per 50 employees for each month or part month that a return remains outstanding.  
Submitting returns
Many companies ignore their P11Ds as they are unsure what to do and how to go about working out the tax that is due for each employee but with the fines mentioned above you could end up with a nasty surprise by not staying on top of this once a year task.
The fastest, easiest and most secure way to submit your returns is electronically.  Quality of returns is extremely important to ensure they are not rejected by HMRC.  Using a specially designed software such as IRIS P11D Organiser will ensure that the often complex calculations are performed correctly and that the returns contain accurate information so are accepted first time.   Things get even easier after year one as benefits can be rolled forward and items inputted throughout the year as necessary (preventing the last minute rush!)
Click here for more information on IRIS P11D Organiser. To arrange a free online demonstration please call the IRIS team on 0344 815 5677.

 

 

Posted by
Julie Smith
24 July 2014
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