REDUNDANCY PAYMENTS

Redundancy is a challenging process, both for employers who need to make tough decisions and for employees facing a sudden career transition. At UK Tax Advice and Accountancy, we provide comprehensive advice and guidance on the complex tax aspects of redundancy payments, helping you navigate these difficult circumstances with confidence and clarity.

KEY ASPECTS OF REDUNDANCY PAYMENTS

These are the minimum payments an employer must make to an employee being made redundant, depending on their age, length of service, and weekly pay. We can help calculate these amounts and explain the related tax implications.
In addition to statutory redundancy payments, some employers may offer enhanced redundancy packages. These can vary widely, and we can assist in evaluating these offers and the related tax considerations.
The first £30,000 of redundancy payment is generally tax-free. However, any amount exceeding this is taxable, and certain elements such as payments in lieu of notice (PILON) may also be taxed. We can provide expert advice to ensure you understand and correctly handle these tax liabilities.

Why work with us?

In times of significant transition like redundancy, it’s crucial to have expert guidance to navigate the financial complexities that come with it. Our team at UK Tax Advice and Accountancy brings a deep understanding of tax laws and financial strategies to support you. Whether you’re an employer managing the redundancy process or an employee facing redundancy, we’re dedicated to ensuring you understand your rights and obligations and can make informed decisions.