Small business owners have been warned that failure to comply with Automatic Enrolment legislation could have a catastrophic effect on their cashflow.
The research from Standard Life, has highlighted the cost to small businesses of not complying with the legislation, which could run into tens of thousands of pounds.
Potential costs include:
A fixed penalty notice for non-compliance of up to £400
An escalating penalty notice, again for non-compliance, of between £50 and £10,000 per day, depending on the number of employees you have
A civil penalty notice, where contributions are not paid, of ...