Hayley Lunt’s Post

📣 New partnership announcement - interactive investor 📣 At Umbrella.co.uk, we’re always looking at how to provide added value for our contractor workers. That’s why we’re excited to announce that we’ve partnered with interactive investor – Which? Recommended SIPP provider and the #1 flat-fee SIPP provider in the UK. Our contractor workers have the option to set up salary sacrifice pension contributions into the ii SIPP in just a few easy steps. It’s important to understand that the use of Salary Sacrifice of the ii SIPP is not a recommendation and that the ii SIPP is not an Employer, Workplace or Auto Enrolment Pension. Anyone opting to use the ii SIPP should understand that this is a personal arrangement between themselves and interactive investor and will be solely responsible for agreeing & monitoring contributions made by their employer. To find out more, you can visit their website here 👉 https://lnkd.in/eQgj76qk #SIPP #interactiveinvestor #pensions #salarysacrifice #contractlife #contractwork #umbrellacompany #payroll

Heads Up, Employers! Auto-Enrolment is coming to Ireland! ⏱️🍀 Is your business ready for this? Auto-enrolment (AE) is set to launch in 2025, impacting employees and their employers. Here's a quick prep guide to get you started: UNDERSTAND THE SCHEME: 🔎📃 AE will automatically enrol eligible employees (aged 23-60, earning €20,000+) into a pension scheme, with contributions from them, you (the employer), and the government. REVIEW YOUR PAYROLL: 🏢💶 Discuss with your payroll team the necessary adjustments for AE, including automatic deductions for enrolled employees, budgeting, and factoring in the contribution costs associated with your chosen system. COMMUNICATE CLEARLY: 🗣️📢 👨💼👩💼 Inform your employees about AE, its benefits, drawbacks, and their opt-out options. Clear communication is key! DECIDE ON A SCHEME: 🤔 Will you adapt to the new AE scheme or start your own pension scheme? Analyze costs and consider seeking professional advice. Start planning now to stay ahead of the curve! Do some digging... 🔎👇 👉 https://lnkd.in/epqeu2vU 🔗 #AutoEnrolment #Ireland #Pensions #WorkplacePensions #EmployerPrep #FinancialAdvice #RetirementPlanning

SECURE 2.0 authorizes the use PLESAs. Refresh your knowledge with these fast facts ⬇ 👉 Employees may be automatically enrolled in a PLESA at up to 3% of their pay, unless they elect to contribute a lower amount or opt out.  👉 There is a $2,500 cap for the balance unless the plan sponsor sets a lower amount. 👉 Employees can make contributions through payroll deductions, and employers can match contributions to the employee’s linked retirement plan. 👉 A plan cannot impose a minimum requirement on the amount required to open a PLESA or a minimum balance to be maintained in a PLESA. 👉 Plans have the discretion to allow withdrawals more, but not less, frequently than once per calendar month. Still have questions? Check out guidance from the DOL and IRS at the links below! #plesa #secureact #retirementsavings #emergencysavings

Are you aware of the new FASB requirements for multiemployer pension disclosures? Contractors using union labor must participate in multiemployer pension programs and ensure proper disclosure of their financial obligations. With many union plans underfunded, the Financial Accounting Standards Board (FASB) requires detailed financial statement disclosures to address potential contingent exposures. Read more here: https://okt.to/KqGBep #FASBCompliance #PensionDisclosures #UnionLabor #FinancialStatements #Contractors #AccountingUpdates

Are you aware of the new FASB requirements for multiemployer pension disclosures? Contractors using union labor must participate in multiemployer pension programs and ensure proper disclosure of their financial obligations. With many union plans underfunded, the Financial Accounting Standards Board (FASB) requires detailed financial statement disclosures to address potential contingent exposures. Read more here: https://okt.to/mBkL4x #FASBCompliance #PensionDisclosures #UnionLabor #FinancialStatements #Contractors #AccountingUpdates

Are you aware of the new FASB requirements for multiemployer pension disclosures? Contractors using union labor must participate in multiemployer pension programs and ensure proper disclosure of their financial obligations. With many union plans underfunded, the Financial Accounting Standards Board (FASB) requires detailed financial statement disclosures to address potential contingent exposures. Read more here: https://okt.to/GJPve9 #FASBCompliance #PensionDisclosures #UnionLabor #FinancialStatements #Contractors #AccountingUpdates

RRSP planning tip for salaried employees: Don't forget to count workplace contributions as part of total contributed for the tax year, including employer's portion, when calculating optimal lump sum contribution amount into your RRSP(s). Defined Contribution Pension Plans (DCPP), Defined Benefit (DB) and even Deferred Profit Sharing Plans (DPSP) ALL take your RRSP room on top of RRSP and the contributions are NOT shown on RRSP receipts. They are shown on your T4s/T4As as either pension adjustment (net of any reversals) and/or as pension credit (oh and yes employer portion contributed to you RRSP also takes your room). If you (and your employer) contributed to any of the above plans for tax year 2023, don't forget to mention it to your advisor/accountant to avoid over-contribution. Deadline for contributing to tax year 2023 for taxable income deduction is on Feb 29th 2024; don't wait until last minute to create unnecessary stress to both you and your advisor(s) 😀 To read more: https://lnkd.in/eSV9KnBa #financialplanning #taxplanning #retirementplanning

Employing People in your small business Employers NI is payable by the business, but this cost can be claimed as the Gross Pay cost You can pay your employees some Tax Free Benefits in Kind, so the employee can be paid less or easier to retain them. Entertaining is not generally allowable as an expense but certain entertainment cost of staff is tax deductible. Autoenrollment is a system to pay Pensions for Employees. This is a Tax Deductible cost

Are you aware of the new FASB requirements for multiemployer pension disclosures? Contractors using union labor must participate in multiemployer pension programs and ensure proper disclosure of their financial obligations. With many union plans underfunded, the Financial Accounting Standards Board (FASB) requires detailed financial statement disclosures to address potential contingent exposures. Read more here: https://okt.to/sqzYCK #FASBCompliance #PensionDisclosures #UnionLabor #FinancialStatements #Contractors #AccountingUpdates

Are you aware of the new FASB requirements for multiemployer pension disclosures? Contractors using union labor must participate in multiemployer pension programs and ensure proper disclosure of their financial obligations. With many union plans underfunded, the Financial Accounting Standards Board (FASB) requires detailed financial statement disclosures to address potential contingent exposures. Read more here: https://okt.to/QnWOVf #FASBCompliance #PensionDisclosures #UnionLabor #FinancialStatements #Contractors #AccountingUpdates