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Tax Advice on Redundancies & Termination Payments

If you are made redundant from your employment, Phair & Co. can provide tax advice and assistance to affected employees

Phair & Co. can advise individuals made redundant on claiming the maximum amount of tax relief for Ex-Gratia termination payments. We can ensure that your employer has correctly calculated the tax reliefs available to you and talk you through the detailed workings to ensure that your employer claims the highest amount of tax available to you.

The main tax reliefs available to employees for Ex-Gratia redundancy/termination payments are:

  • Basic Exemption,
  • Increased Basic Exemption, and
  • Standard Capital Superannuation Benefit.

The employee can choose the above relief that saves them the most tax. In practice, each individual’s situation is different and all three reliefs need to be considered. Sometimes the employee might be leaving money on the table if their employer has not done the correct calculations.

If you have been made redundant and would like some help on your termination payments, please get in touch.

Have you got a tax or business related query?

Phair & Co. act for both Private and Business Clients by offering a wide range of Tax and Accountancy services.
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