Wouldn't it be great if you could enrol all your employees into your workplace pension scheme just once and then sit back and think 'Phew, job done'?! Unfortunately, because of the UK Government's rules surrounding Auto Enrolment, it’s not quite that simple.
The Norwegian tax authorities have issued guidance that employers are required to provide their employees with a summary of income, allowances and deductions for the income year in question to all employees who have been working in Norway. These individuals will all have been on a Norwegian wage tax report. The tax authorities original guidance that the requirement to prepare the annual Certificates of Pay and Tax Deducted would end with the introduction of Real Time online reporting in January 2016 has been amended. However there are changes to the process from what it used to be. The Certificate is not now required in a specific format and it does not have to submitted to the Norwegian Tax Authorities, it only needs to be issued to employees (or sub-contractors treated as employees for Norwegian tax purposes).
An important but often overlooked benefit is likely to be given a welcome boost and propelled into spotlight following the recent Improving Lives: Work, Health and Disability green paper, issued by the Department for Work and Pensions and Department of Health. Group Income Protection (GIP), which provides a financial benefit if an employee is unable to work because of long term illness or injury, is set to become a hot topic over the coming months.
If you are an employer, who has maintained records of your employees working in Norway and reported the income relating to duties in Norway to Norwegian Tax Authorities through the a-melding throughout the year - well done!
It’s an age old debate for any business looking to implement change, particularly for small owner-managed firms who may only have a limited in-house resource; weighing up time versus money can be challenging. When it comes to auto enrolment, can a business afford the time to properly implement a pension scheme for their employees or would their time be better spent running the business and outsourcing a solution?
In ever demanding markets, successful businesses need to constantly seek more competitive and more efficient ways of working. Being prepared to face challenges can turn potentially difficult situations into advantages. This can be applied across all departments of organisations.