The auto-enolment scheme has already gained more than 8.5 million  staff enrolments as businesses across the UK are making perparations to increase their minimum workplace pension contributions.

The increase in auto-enrolment minimum contributions  has been pushed back by six months from its orginal due date of October 2017. The first increase will take place on 6th of April 2018 and as a result the total contributions will increase from 2% of qualifying earnings to 5% of qualifying earnings, with employers contributing 2%. The next increase will take place on 6th of April 2019 and the total  contribution will rise to 8% of qualify earnings with employers contributing 3%.

The Government plan to lower the starting age for auto-enrolment on workplace pension savings schemes from 22 to 18 years will help introduce more than 900,000 young people into the workplace pension system, helping these young workers to save an additional £800 million.

These changes will be a good news for many workers, however many employers may find these as a burden on their limited time and limted resources as these changes will need to be implemented into their existing payroll system once introduced.

 

If your company is involved in research & development of a product or piece of sotware, then you could claim some valuable cash back for money you have already spent. The scheme has been around for more than 15 years now, however many small companies still don’t have any idea of whether they qualify for such a claim and hence might be missing out.

Under the Small and Medium enterprise scheme, if you are a profitable company, then it could be worth up to 24.7% in extra tax reduction and if you are a loss making company it could be up to 33.35% cash back.

How can you establish if you have been involoved in R&D?

Some of the indications might be:

In the last 2 to 3 years:

  1. Existing product being improved significantly.
  2. Performed beskpoe design or engineering services for third parties.
  3. Improvement to your production process or an attempt to do so.
  4. Spent considerable time on a prototype or something that wasn’t successful.
  5. Created a unique piece of software for yourself or a third party business.