With most employer’s minds currently focused on the upcoming changes to the IR35 regime, it’s important they do not forget about forthcoming updates to the tax treatment of termination payments which are also due to take effect next month. Employer’s NIC on Termination payments Currently, the only tax on termination payments made to employees to … Continue Reading
Football, football teams, footballers, footballer’s pay… a comprehensive review of the case law on the taxation of termination payments… this one has got it all! The match… the case (HM Revenue & Customs v Tottenham Hotspur Limited) concerns termination payments made to Peter Crouch and Wilson Palacios. The facts are relatively straightforward. Both player’s contracts with Tottenham … Continue Reading
Amongst a number of announcements relating to employment taxes in today’s UK Autumn Statement, forthcoming changes to the tax treatment of salary sacrifice and employee termination payments were confirmed. The tax and National Insurance advantages of salary sacrifice schemes will be removed from April 2017 (i.e. the sacrificed pay will be subject to tax and … Continue Reading
In a previous post, we were less than wholly welcoming to the Government’s proposals for the simplification of the tax and NIC treatment of payments in the context of the termination of employment. The proposals were put out to consultation in July 2015 and a report on the responses, launching further consultation on the draft … Continue Reading
