With redundancies on the rise due to the coronavirus, is it time you understood how termination payments work in 2020?
Beyond the human tragedy of COVID-19 is an economic one. Swathes of the UK economy have been flatlining and a rising redundancy rate is inevitable – even with the Chancellor’s furlough scheme in full swing until the end of October.
No employer will implement compulsory redundancy lightly. It’s a legal minefield which requires careful planning, difficult conversations and in recent years – thanks to tax changes – it has become more expensive.
The human resources aspect is a big job in itself. But let’s get you briefed up on the tax side of things so that if you are considering making redundancies later in the year, you can start to plan your finances well in advance.
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The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.