Urgent advice please. I do t understand process of selling work shares

tea=tart=and=rice

hI all,  need some advice please.   I’m having to have some extended sick leave following a series of faints at work.   No sick pay paid only stay sick. So I thought I’d sell some shares from my share incentive plan to help out as finances now seriously damaged.   

Not sure how to word my query so I’ll post my statement.   It settled 24th December and shows zero proceeds! I don’t u dry stand.   Does this mean I get nothing? Sense would be the point?   Can’t get through to anyone.   

Pretty please help needed.   

leosayer

My guess is that the sale proceeds will need to go through your employer's normal payroll and you will receive the balance after income tax is deducted from the taxable proceeds amount of 934.10.

This is based on the fact that you are selling 'buy as you earn' shares. 

Marcon

tea=tart=and=rice said:

hI all,  need some advice please.   I’m having to have some extended sick leave following a series of faints at work.   No sick pay paid only stay sick. So I thought I’d sell some shares from my share incentive plan to help out as finances now seriously damaged.   

Are you sure you don't qualify for Statutory Sick Pay?

tea=tart=and=rice said:

  

Not sure how to word my query so I’ll post my statement.   It settled 24th December and shows zero proceeds! I don’t u dry stand.   Does this mean I get nothing? Sense would be the point?   Can’t get through to anyone.   

Pretty please help needed.   

Is there an online portal you can log into as an employee?

Brie

How long have you held the shares?  if only purchased recently they will be subject to income tax and you will lose the matching shares that the company provided.  

So the brokerage account where the shares have been stored are showing that shares have been sold and after deducting their fee the rest are subject to income tax.  So the taxable amount must go somewhere to have the tax deducted (likely the employer's payroll) and then will be paid out as part of some agreed schedule.  Time scales are likely to be up to 30 days depending on when you might normally be paid and when the payroll cut off date is.  So assuming normal payday is 20th of the month, cut off will likely be about 10 days prior so you're all in time for that but now you just need to wait til payday.  Unless of course there is a special arrangement for these payments to be made separate from normal paydates.  

Given also that lots of people are off work including with the banks I would suggest you might need to wait until after new year to get this money so possibly w/c 6th Jan at the earliest.  Just a guess.

Even when I was cashing in shares from my work scheme payment would normally take a week or 2.