UK Contractor Companies Can Save Time and Money With AE Pensions
By 2018 all UK companies must have in place an auto enrollment (AE) pension scheme for ALL employees. The time and cost of setting up an AE pension scheme is significant even for small companies. In June 2015 the final stage of phasing in AE pensions started.
How does this affect Director only companies operated by expats in the UK and offshore contractors ? What actions are needed to meet Pension Regulations and HMRC rules? (Ask Us How ? Click Here http://www.proactpartnership.com/free-review-ask-expat-experts )
Pension Tax Saving Dont forget that contributions to pensions attract UK tax relief on contributions. So for profitable businesses pension contributions are a key tool in Tax Saving.
But the business may be investing or not have the cashflow or profits to make pensions right now. what are the options.
Expat Contractors working from a UK company may not wish to invest long term in a UK based pension scheme, offshore savings and pension investments may suit better.
In any case some contribution at some level, 10% of income, for the future is always a good plan and will make you a millionaire over your working life. (Ask Us How ? Click Here http://www.proactpartnership.com/free-review-ask-expat-experts )
Exemptions from AE Pension Scheme If the company has directors only then a company can gain an exemption from setting up and registering an AE Pension scheme. However if more than one director (2 or more) have a contract of employment then the company MUST register and establish a AE Pension scheme.
Tax Efficiency Actions to Take on AE If you have a spouse or key employee working in the company consider making them a director to enable the company to opt out of AE process to set up a company pension. But dont give the directors a contract, to qualify for exemption.
The work and cost of AE registration , administration and compliance is significant. Avoid it if you can. But do save income regularly to reap the rewards for the business you build. (Ask Us How ? Click Here http://www.proactpartnership.com/free-review-ask-expat-experts )
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