The Government have finalised the starting dates for NEST pensions, the national pension scheme being rolled out over the next few years.

The Minister of State, Department for Work and Pensions (Steve Webb) has announced that the timetable for the implementation of automatic enrolment will be adjusted so that small businesses are not affected by the reforms during this Parliament. This will provide them with some additional breathing space to prepare for the reforms whilst operating in tough economic times.

How does this affect me as a contractor?

If you employ anyone in your business (yourself, your spouse, anyone else), you will have to set up a company pension for them. The deadline date for this has now been pushed back from 1st January 2016 to 1st April 2017. However, contractors can choose to opt out of this scheme and make their own arrangements.

The full details on the deadline are in this link:

http://www.parliament.uk/documents/commons-vote-office/4.DWP-Changes-to-the-automatic-enrolment-timetable.pdf

Perhaps a more pressing deadline is the end of tax year on 5th April, or the end of company tax year, which for many contractors is 31st March. Now is a good time to review your situation and claim any tax relief whilst it is still available.

NOTHING CONTAINED IN THE ARTICLE SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE. THE VALUE OF INVESTMENTS IS NOT GUARANTEED AND WILL FLUCTUATE. YOU MAY GET BACK LESS THAN YOU INVEST. PLEASE NOTE THAT THERE MAY BE VARIATIONS FOR THOSE LIVING IN SCOTLAND AND NORTHERN IRELAND.