Corporate Planning
We aim to provide the main services a small or medium size business need to make the day to day running of the company easier, at an affordable price – from payroll and auto-enrolment processing through to group protection for Directors and employees alike and specialist pension planning. You will find further details relating to each of these areas in this section, however if you would like any further information or a bespoke quotation, please do not hesitate to get in contact to speak to one of our friendly and experienced advisers.
Payroll
Auto enrolment is not just about pension saving, but is predominantly a payroll issue. As such, for successful ongoing management, both the pension and payroll must work closely in tandem.
In addition to auto enrolment HR services, we are also able to process company payrolls of any size and frequency. Our flexible software fully integrates with our auto-enrolment solution, providing payroll to pension symmetry. This software also provides employee access, issuing payslips and P60’s directly via email, cutting out administration requirements for the employer.
- PayRate
- Via the PayRate payroll processing software, we can complete the following tasks on your behalf:
- Set up of payroll software and migration from previous payroll provider
- Processing of payroll of any frequency (weekly, monthly etc)
- Obtaining tax codes via direct link with HMRC
- Submission of RTI directly to HMRC
- Administration of new joiners and leavers
- Generation of payslips via email
- Generation of P45’s / P60’s
- P11Ds if required
- Upload of auto enrolment pension contributions
Specialist pension planning
Director specialist pension planning – FURBS / EFRBS / SSAS
ECP have been working with ACP over the last two years in order to improve our offering to scheme trustees. Both ECP and ACP can act in the capacity of scheme trustee, with ACP providing a full administration service to each scheme. ACP have a wealth of specialist pension scheme knowledge and experience built up over many years, which we know will benefit the service provided to our clients.
Avenue Corporate Planning Limited (ACPL) was founded by Richard Green in 2002. His area of expertise was primarily in Funded Unapproved Retirement Benefits Scheme (FURBS) and also included other specialised pension arrangements. FURBS were introduced in 1989 and were available until 2006.
Anyone with a FURBS should understand they have rare opportunities compared to Directors that were not advised to set up a FURBS before the deadline date. Our administration services subsequently expanded to include Employer Financed Retirement Benefits Scheme (EFRBS) and other specialised pension arrangements.
We pride ourselves with the ability to provide administration services and work closely with your chosen advisers that understand your specific needs and objectives. We always work hard to simplify the most complicated issue and suggest the most and cost-effective solutions tailored to suit you.’
Advice on profit extraction
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Auto enrolment
Since auto enrolment was introduced in 2012, it has encouraged millions of people to save for their retirement. By law, every company in the UK now has an obligation to provide their employees with access to a qualifying auto enrolment pension scheme. In addition, employers must regularly issue certain communications to employees and manage the ongoing duties such as opt ins/outs and tri-annual re-enrolment. Failure to meet these strict requirements can result in an initial warning and subsequent fine from The Pensions Regulator.
Auto-enrolment isn’t just about having a pension scheme in place which meets the new legislation. The much steeper task is keeping your employees aware of all the changes, as well as implementing the systems and keeping these updated. At ECP we understand that the new legislation can be daunting, confusing and complex. We can help by providing clarity and guiding you through every stage of the process – from the initial free consultation and a tailor-made proposal through to on-going support.
Group protection
Regulated advice provided via our sister company, IFS
Group Protection policies are designed to provide financial support in the event of serious illness and loss of life for employees and their loved ones. This kind of cover should encourage staff retention and provide employees with a good level of cover at difficult times, often for a reasonable premium. The risk is spread across many members and the underwriting is preferable as the organisation will get a free cover limit compared to personal cover. Also the premiums are often tax deductible for corporation tax purposes, reducing the total cost of the cover to the company in real terms by 19%.
Group Life Insurance:
Also referred to as Death in Service benefit, it provides loved ones a lump sum of money in the event of an employee death. Group Life Insurance schemes must be carefully managed because of potential tax implications, particularly for people with large pension savings.
Group Critical Illness Insurance:
This provides a lump sum to an employee on the diagnosis of a serious illness. It can be used to help employees pay for medical care, specialist treatment and other needs.
Group Income Protection Insurance:
Referred to mostly as Sick Pay, it provides a replacement income to employees when they are seriously ill and are unable to work. It's important to arrange and manage such income protection policies and help you ensure medical issues don’t lead to long-term insurance claims.
We will ensure your organisation is able to make the most out of your Group Protection and Healthcare arrangements. Whatever size or background your organisation is in, our experts at IFS can help you with anything from the basics to the complex. Our corporate team can help you with all the aspects of your scheme, giving you a bespoke strategy for your employees wellbeing.