Auto Enrolment Pension Contribution Increase in April 2019

Auto enrolment pension contributions will increase with effect from 6th April 2019.

What are the increases?

The amount you and your staff pay into the pension scheme will vary depending which type of scheme you have chosen. You can normally find this information from your pension provider. For 2018/19 tax year total minimum contribution was 5%, this will increase to 8% in total.

Who does this affect?

All employers with employees that pay into your pension scheme. You will need to make sure that you are paying the minimum pension contributions as stated above.

If you would like more information on the minimum pension contribution increase please see the pension regulator website.

Making Tax Digital from April 2019 it will now be mandatory for businesses to use digital software for VAT. This will only apply for businesses that have a turnover of over £85k per annum anything below this won't need to comply with the new regulation.

To comply with this you will need software will be compatible with MTD like Xero and Free Agent. It will be initially for VAT but then rolled out for other taxes in April 2020.

If you need help deciding which software is most suitable for your business please contact us.

Red Leaf Accountancy has recently employed to new members of staff Stephanie Baines and West Miller. Stephanie has joined the team just this month as an assistant accountant. Continue reading →