Getting started at anything is critical, yet we all tend to plan, ponder, strategise, and contemplate rather than take actual action.
To be a good golfer, you need to get out on the driving range or play on a course. Spending time in the local golf superstore getting kitted out with the latest clubs, a trolley, the all-important glove, windproof umbrella, matching waterproofs, and a pair of Bugsy Malone-style shoes doesn’t make you a great golfer! Yes, you have all the gear, but the person who borrowed some clubs and is whacking balls down at the driving range is taking action towards becoming a better golfer.
Taking action will move you towards your goal just like the person who picks up a guitar and starts plucking instead of the person who spends hours in the guitar shop oohing and aahing at the wide range of guitars on offer (as much as that can be!).
In the UK, there is a ticking time bomb that requires all business owners to take action. There is a legal requirement for all employers to provide a workplace pension for their employees. The Pension Regulator has already decided when you need to do this. This will vary from business to business, and you may already know your Staging Date (this is when you need to have it sorted by); if not, you will do so very soon.
Remarkably, there has been very little in the media about this, yet the 1,400,000 businesses in the country need to, by law, provide a scheme to their employee. Failure to do so will rack up a daily fine of at least £400. This is serious stuff and could wipe out your entire daily profit!
Lots of business owners assume their accountant has it covered, or if not, their payroll company – the reality is that most businesses are not being looked after at all, and their deadline is fast approaching. There is no buck to pass here; the responsibility lies with the employer, and that is who gets fined.
Those who take action swiftly are going to benefit too. Soon, there is going to be a serious shortage of advisers to help and with over 130,000 businesses due to stage on just one day in 2017, this tsunami of businesses will mean implementation costs soar.
Taking action today doesn’t mean you have to start paying your employees pensions right away, but it does mean you are ready in good time.
Taking action today means less stress, reduced fees, no fines and more time to practise your golf swing or that guitar riff.
Taking action is easy, just click here.
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