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Redundancy and Tax
ricochet
Posts: 6 Forumite
Current employer seems to think that I am a square peg in a round hole. They don't want to sack me and I have no intention to resign. They have suggested I go explore possible settlement scenarios and there are some which are totally legal but minimise tax paid as part of the settlement. They would then listen to what I may be able to suggest. Any advice or web links so I can read up?. If they were not able to accommodate I would likely follow an 'unfair' route but that gets messy for all parties.
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Comments
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How long have you worked there.
Are you looking for another job
Just curious, why do they think you are a square peg etc.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Hi
They seem to think my skills don't best align with their needs but are hesitant to want to sack me. They prefer a settlement but have indicated that there are better ways to come to an agreement that minimises tax for me etc. Been there 15 months.0 -
no; wasnt seeking another job at this time0
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A comprimise agreement will give tax free upto £30k same as if you were redundant.
If there offer is going to be less than that then the only bit that might get taxed/NI is the notice/holiday pay.
You don't have to care about the tax it's their problem you just decide how much you want net
Let them to work out how to avoid the tax that they will need to pay if it is taxable.
How long do you want to string it out.0 -
Thankyou getmore4less
So in summary they dont sack me and I dont resign. What happens is that they come to a compromise agreement as if I was being made redundant (is if they were down sizing) but reality being that me and the role didn't work out. is this about right?.
What do you mean about stretching it out?0 -
They keep paying you till you agree something so another month or so money unless they get fed up and just take that from any total they have in mind.0
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would i use a solicitor to do the finalising on my behalf so that all aspects are covered?.0
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If you are signing a compromise agreement, you have to take legal advice from a solicitor. They should give you a contribution towards legal fees for the solicitor.0
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