Can you provide an intro please. You will see if you look around that we ask all newbies. Bit of background, bookkeeper, accountant or have your own business/type of business? Which professional body are you with, where are on your accounting journey (eg exams passed/being completed).
Do you have any payroll exams/experience?
Also please restrict your questions to one per post - it puts some of the less regular posters off posting if there is too much in one go.
edited for typo
-- Edited by Cheshire on Monday 23rd of May 2016 09:10:13 AM
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Would I be right in assuming that you are a business owner?
Unfortunately the problem with anyone giving any opinions on Pension provider is that it is deemed financial advice so people will not do it even amongst ourselves (The expectation is that this Pensions debarcle will be the next PPI for the ambulance chasers).
The pension that you choose will be between your business and your financial advisor who will no doubt charge a load of money to set up the scheme.
Your other question on how to go forwards with your payroll is more straight forwards. The questions that spring to mind is how do you handle payroll at the moment? Why are you changing from that?
As Joanne says, introduce yourself to the forum meating out your current situation and I'm sure that you will see the arguements both for outsourcing to a bookkeeper and bringing a bookkeeper in house. (as I say above, I don't know how you handle things at the moment or why you are changing).
Certainly if you are looking to outsource the site has members in your area (I am thinking immediately here of either Kris or Peasie).
kindest regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
The owner of the business I work for is looking to keep costs down and do everything in house before transferring earnings details and payments to a pension provider. However, we are aware of the PPI/claims thing you have mentioned. I have had various reps in vying for the admin of our pensions but as there are only 4 on payroll it seemed like a lot of money for something we could set up ourselves. However, I thought I'd ask the REAL experts (have been popping in an out of this forum for a while now!) what their take was on it. No point in saving money now if storing up trouble for later.
Any advice would be great (considering our accountants are not very helpful and very expensive). Currently using Sage 1 Payroll online, payroll weekly and no preferred pension provider.
Hi Wendy Would still be good for an intro from you - helps us pitch the answers!!! I assuming you are employed rather than self employed? Some background would be good!
REAL experts or not - as Shaun indicated we absolutely cannot give advice about which pension provider you might want to look at, which is the same as your Accountant and maybe why you think he is being awkward. He/she really isnt - we are not allowed as such is a regulated product and unless we have specific training we are not allowed to. This combined with restrictions under our PII cover prevent it. So you need an IFA. Your Accountant might be able to put you in touch with someone, or even just have a gander round the AE/pensions website for some info.
You are probably paying more for having your payroll completed weekly and this will certainly be reflected when you look at add in AE, but again my question, which remained unanswered is - have you any payroll experience? If not and you wish to do a course then look at CIPP. If so - then go for it and do it yourself. Dont forget to leave yourself a good 6months before your staging date to get the AE side set up.
If you want to save some money - dump Sage1 payroll!
By the way Wendy - Please remove the name of your business from your signature - we dont reference any clients/employers on here as they tend not to like it!
-- Edited by Cheshire on Tuesday 24th of May 2016 12:14:10 PM
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
REAL experts or not - ass Shaun indicated we absolutely cannot give advice about which pension provider you might want to look at, which is the same as your Accountant and maybe why you think he is being awkward. He/she really isnt - we are not allowed as such is a regulated product and unless we have specific training we are not allowed to. This combined with restrictions under our PII cover prevent it. So you need an IFA. Your Accountant might be able to put you in touch with someone, or even just have a gander round the AE/pensions website for some info.
Sorry Joanne and Shaun, but I have to disagree with you both. You most definitely do not need an IFA, and the pension regulator has said that suggesting a pension provider to an employer does not constitute regulated advice
My own opinion (not advice) on Pensions and this isn't in relation to the original poster but to any employer in general.....
As you have not provided a pension up until now as an incentive to employees then really all you're really after is a pension scheme that meets your minimum legal requirements. The NEST one would come into this category.
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Never buy black socks from a normal shop. They shaft you every time.
REAL experts or not - as Shaun indicated we absolutely cannot give advice about which pension provider you might want to look at, which is the same as your Accountant and maybe why you think he is being awkward. He/she really isnt - we are not allowed as such is a regulated product and unless we have specific training we are not allowed to. This combined with restrictions under our PII cover prevent it. So you need an IFA. Your Accountant might be able to put you in touch with someone, or even just have a gander round the AE/pensions website for some info.
Sorry Joanne and Shaun, but I have to disagree with you both. You most definitely do not need an IFA, and the pension regulator has said that suggesting a pension provider to an employer does not constitute regulated advice
THAT SAID I do agree that this is a potential car crash waiting to happen, and I for one will NOT be recommending any particular pension provider.
Hi John
The problem I have with what the TPR are saying in regards to only advising an 'employer and not an employee' is that for most of our businesses the owner of the business is an employee as well. They may not be 'thinking' of joining the scheme themselves now, but change their mind 6 months in, or following who knows what changes brought in by the government further down the line, meaning that the owner joins a scheme that we have advised on.
I know they suggest an engagement letters mentioning the fact that such advice is in the capacity of advising them as employer only, but will that really stand up in a court, when its been proved time and time again that what people thought were watertight documents actually arent.
Certainly all of the Accountants on my patch that I have discussed this matter with are absolutely refusing to give any kind of advice as they consider they are not regulated to do so by virtue of the fact they dont know who will opt in/out and as you say can see its a potential PPI repeat. Be interested to know what all fo the professional bodies are saying! But Im certainly not reviewing my PPI as Im with you - not recommending anything. (John you may wish to edit your post with the little nugget in pink Ive added)
Edited for typo
-- Edited by Cheshire on Tuesday 24th of May 2016 09:55:25 AM
-- Edited by Cheshire on Tuesday 24th of May 2016 01:54:09 PM
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I am just getting into AE stuff, and I am NOT giving any advice, I will implement it and run it each month but the client needs to tell me what they want, either they have looked it up themselves on the net or got an IFA involved. Either way I make it perfectly clear to them that I am not allowed to give advice on it.
It is a grey area and I know some IFA's who really are making a fortune out of it, but hey ho, that's just the way it is.
I agree with Joanne, get rid of Sage payroll it will be expensive and not worth it. 12Pay or Moneysoft seem to be recommended on here a lot.
-- Edited by Amanda on Tuesday 24th of May 2016 10:07:28 AM
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Lol. That looks as though Joannes now amending your posts on the site John.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Your right there. I've found this old image of her from her NatWest days John :
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
