You will pay NI contributions in the usual way on your salary and any payment in lieu of notice. No NI contribution is payable on compensation (redundancy pay) over £30,000.00.
Entries from February 16th, 2009
National Insurance Contributions
February 16th, 2009 · No Comments · Compromise Agreements, National Insurance Contributions
Basic Rate of Tax
February 16th, 2009 · No Comments · Basic Rate of Tax, Compromise Agreements
You will only pay basic rate of tax on your compensation (redundancy pay) over £30,000.00. Please rememebr that your payment in lieu of notice would be taxed in the normal way i.e at your normal tax rate.
Tags: Basic Rate of Tax
Return of Company Property – Compromise Agreements
February 10th, 2009 · No Comments · Compromise Agreements, Return of Company Property after Signing a Compromise Agreement
You will be required to retun all company property including property belonging to or relating to the business of your employer or its clients or customers before the termination date, at least before you are paid by your employer. Sometimes, employees forget that they have the employer’s property in their possession, it might be something as small […]
Tags: Return of Company Property after Signing a Compromise Agreement
No Admission of Liability on the Part of your Employer
February 9th, 2009 · 1 Comment · Compromise Agreements, No Admission of Liability on the Part of your Employer
When your employer signs a Compromise Agreement it is without admission of liability. You are being compensated for any loss of employment, damages for breach of contract and/or any award or damages you may be entitled to in the Employment Tribunal, County or High Court arising out of your employment or its termination.
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Necessity for Legal Advice
February 6th, 2009 · No Comments · Choosing an Independent Legal Advisor to provide Advice on the Terms of your Compromise Agreement, Compromise Agreements, Necessity for Legal Advice on the Terms of Your Compromise Agreement
It is crucial for you to obtain independent legal advice on your Compromise Agreement. We have already given you some tips on choosing your independent legal advisor. The main reason why you have to obtain legal advice is that you are giving up your right to bring a claim against your employer once the Compromise […]
Tags: Necessity for Legal Advice on the Terms of Your Compromise Agreement
A Binding Contract
February 4th, 2009 · No Comments · Compromise Agreements, Your Compromise Agreement is a Binding Contract
You should be aware that once both you and your employer sign a Compromise Agreement, it becomes a binding contract and all the terms become enforceable. In effect, this means that you are unable to pursue any claims in the Employment Tribunal or the Courts againt your employer. By signing the Compromise Agreement, you waive […]
Benefits
February 3rd, 2009 · No Comments · Benefits - What happens to your Benefits once you sign a Compromise Agreement?, Compromise Agreements
If you are at risk of redundancy or have been told when the last day of your employmemnt is going to be, you should note that all of your benefits will cease on this termination date. You should check with your pension provider about what’s going to happen to your contributions that have already been […]
Tags: Benefits - What happens to your Benefits once you sign a Compromise Agreement?
Keeping the Terms of your Compromise Agreement Confidential
February 2nd, 2009 · No Comments · Compromise Agreements, Keeping the Terms of your Compromise Agreement Confidential
This is one of the crucial aspects of a Compromise Agreement, you are required to keep the terms of the Compromise Agreement confidential as well as its existence. You are allowed to disclose the terms and existence of the Compromise Agremeent to your lawyer, spouse or next of kin, but to no one else. So […]
Tags: Confidentiality
Choosing an Independent Legal Advisor
February 1st, 2009 · No Comments · Choosing an Independent Legal Advisor to provide Advice on the Terms of your Compromise Agreement, Compromise Agreements, Necessity for Legal Advice on the Terms of Your Compromise Agreement
RT Coopers are experts in employment law and will ensure that you fully appreciate the terms of your Compromise Agreeement. In deciding which legal advisor to choose, make sure that the lawyer is experienced in advising on the terms of Compromise Agreements, the firm has a good track record in advising employees, the firm is […]
Tags: Choosing an Independent Legal Advisor to provide Advice on the Terms of your Compromise Agreement
Entitlement to Untaken Accrued Holidays
February 1st, 2009 · No Comments · Compromise Agreements, Entitlement to Untaken Accrued Holidays
As an employee you are enttiled to untaken unaccrued holidays. This will be paid by your employer in the normal way and tax and NI contributions will be deducted in the usual way at source by your employer.