Pension Regulator Declaration

[matlob]

Hi
I run a two director company with both directors on paye

I need to do a pension declaration online but not clear if we need to have a pensions or how to say we don't want one

Thanks in advance for any help

 

[Newchodge]

Hi
I run a two director company with both directors on paye

I need to do a pension declaration online but not clear if we need to have a pensions or how to say we don't want one

Thanks in advance for any help

Are either or both employed by the company, as opposed to merely carrying out the duties of an office holder?

 

[matlob]

Hi, We're both on PAYE and paid a salary each month, both directors and 50% shareholders but no other staff.

 

[Lisa Thomas]

Workplace pensions - what your employer can and cannot do

Workplace pensions - your employer's responsibilities to you to provide a workplace pension and what automatic enrolment means to you

www.gov.uk

 

[WaveJumper]

Pensions seem a hot topic at the moment on the forum

 

[taxaccountant]

Call the Pensions Regulator for guidance on 0345 600 0707. They are helpful. If you don't want a pension scheme - and if you are not legally obliged to have one - they will register your business accordingly.

 

[DontAsk]

Hi, We're both on PAYE and paid a salary each month, both directors and 50% shareholders but no other staff.

Do either of you take a salary of more than £10k/yr?

 

[matlob]

Thanks all,

£9096 per year each salary

Does that mean we don't have to have one

 

[Newchodge]

Thanks all,

£9096 per year each salary

Does that mean we don't have to have one

You would have to auto enrol whoever had £10,000 per year. As you are both below the threshold, no auto enrolment duties.

As a matter of interest, why £9,096 salary? That is, generally, not the most tax efficient.

 

[DontAsk]

Just go through the on-line process and see what it says.

There's no need to submit anything until you get the "right" answer

You could have done it by now.

 

[matlob]

Thanks

I believe it was set up as 758 to ensure we paid the minimum ni. I think now you can pay more and enroll in a pension but we haven't done so yet. I earn through rentals too so I just try and keep everything below the higher tax bracket each year with salary/interest/rental income/divs


DontAsk = I've done that and didn't find a right answer for my situation

Thanks again!