The difference between SWIFT and SEPA is that SWIFT is a global international payment method, while SEPA is an European system, enabeling euro-denominated payments within the SEPA area.
The SEPA area covers the EEA states as well as Andorra, Guernsey, Isle of Man, Jersey, Monaco, San Marino, Saint-Pierre and Miquelon, Switzerland, the United Kingdom of Great Britain and Northern Ireland (incl. Gibraltar) and the Vatican City.
Chosing SWIFT or SEPA will depend on the transaction type, currency and locations.
BIC codes are used in international transactions to identify the recipient's bank, along with the recipient's account number, to ensure the funds are directed to the correct bank and account.
workplace pension scheme for employees to save for their retirement. At the moment, we only connect directly with Nest Pensions, but you can still use another provider, if you prefer.
Each pay day, a percentage of the employee’s salary is automatically put into the pension scheme, and the employer can add to that too.
To be eligible, an employee must:
Be aged 22 to State Pension Age.
Earn least £10,000 gross per year (£833 per month or £129 per week)
When the pension scheme is connected, we’ll automatically assess eligibility and enroll eligible employees within their first month at your company. They’ll start on the standard contribution split, based on their gross salary:
5% paid by the employee
3% paid by the employer
UK law requires a minimum of 8% of the employee's salary to be contributed to pension, but it can be more.
How do I connect Tide Payroll to Nest Pensions?
Log in to Tide on the web and head to: Admin > Payroll > Settings > Integrations > Nest Pensions and follow the steps from there.
Then to configure your pension scheme: Admin > Payroll > Settings > Pension > Configuration
Can I connect Tide Payroll to another workplace pension provider?
Not at the moment, however, if you prefer a different pension provider, you can still adjust your pension to match the configuration of your chosen provider, by going to: Admin > Payroll > Settings > Pension > Configuration
You’ll need to export the Pensions and Payroll Data Interface Standard (PAPDIS) files and upload these to your provider’s platform.
For the download, head to: Admin > Payroll > Settings > Downloads > Pensions > Download the PAPDIS.csv file for the relevant period
