• Settlement Agreement Solicitor

  • 著者： Geoffrey Caesar
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Settlement Agreement Solicitor

著者： Geoffrey Caesar
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  • Have you received a settlement agreement? Freephone: 0800 061 4816 Email: geoffrey@settlementsolicitor.uk Geoffrey Caesar is a solicitor of England and Wales who has specialised in settlement agreements for over twenty years. In this podcast, he discusses every conceivable aspect of settlement agreements in detail. Tune in to stay informed and empowered.
    © Geoffrey Caesar
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  • Episode 9: Will I have to Pay Tax on my Settlement Payment?

    Episode 9: Will I have to Pay Tax on my Settlement Payment?
    2024/09/28
    Received a settlement agreement? Email geoffrey@settlementsolicitor.uk or call 0800 061 4816 for a free, fast, confidential service.The Settlement Agreement Solicitor Episode 9: Will I Have to Pay Tax on My Settlement Payment? Hello, and welcome to The Settlement Agreement Solicitor Podcast. I am Geoffrey Caesar, a solicitor of England and Wales with over 20 years of experience specialising in settlement agreements. Whether negotiating your first settlement or navigating a more complex situation, you are in the right place. In this episode, I am tackling one of the most common, and often most confusing, questions that come up when dealing with settlement agreements:Will I have to pay tax on my settlement payment? The answer is, it depends. Let’s dive in and break it down into simple terms, while also digging into the legal nitty-gritty of UK tax law, which is where I step in as your trusted solicitor to guide you. First things first, it is important to understand that not all payments you receive under a settlement agreement are treated the same way for tax purposes. Some will be taxable, and others may be entirely tax-free, up to a certain limit. The £30,000 Tax-Free Allowance – What Is It? Let’s start with the good news. Under UK tax law, certain payments made under a settlement agreement are tax-free up to £30,000. This is often referred to as the “£30,000 exemption.” But, we need to understand which payments qualify for this tax-free treatment. Here’s the key distinction you need to keep in mind: Payments that arise out of your employment contract are subject to tax and National Insurance contributions (NICs), just like your regular salary.Payments made as compensation for the termination of your employment are potentially tax-free, up to £30,000. Let’s explore that a bit further. Contractual Payments – Taxable Any payment that is owed to you under your employment contract is considered taxable. This includes things like: Unpaid salary: Anything you’re owed up to your last day of work is treated as earnings.Holiday pay: If you have accrued holiday that hasn’t been taken, this will be subject to tax and NICs.Bonuses or commissions: If your contract entitles you to a bonus or commission payment, these are also fully taxable.Payments in lieu of notice (PILON): If your employment contract includes a clause that allows your employer to pay you instead of having you work out your notice period, this too will be taxed like regular earnings. In HMRC’s eyes, these are essentially payments for work done or for rights you have under your contract, and they’ll tax it accordingly. Non-Contractual Payments – Potentially Tax-Free Now, here’s where it gets interesting. If your employer is compensating you for the termination of your employment, that’s a non-contractual payment, and it may be tax-free up to £30,000. This is commonly referred to as a termination payment. Here are a few examples of payments that could fall under this category: Redundancy payments: Whether you’re getting a statutory redundancy payment or an enhanced redundancy payment, this can be tax-free up to the £30,000 limit. Ex-gratia payments: These are payments made at your employer’s discretion, often as a gesture of goodwill or to help facilitate the settlement. As long as they are not owed to you under your contract, these, too, fall within the £30,000 tax-free limit. Compensation for loss of employment: If your settlement agreement includes a lump sum to compensate for the loss of your job, this payment is not tied to your employment contract and can be tax-free up to £30,000. When Payments Exceed the £30,000 Tax-Free Limit So, what happens if your non-contractual termination payments exceed £30,000? Well, any amount over the £30,000 threshold is subject to income tax but not National Insurance contributions. Let’s break that down with an example:Imagine you’ve been offered a settlement payment of £50,000. Of that, £30,000 could be tax-free. The remaining £20,000, however, will be subject to income tax at your normal tax rate. So, if you’re in the 20% tax bracket, you’d pay £4,000 in tax on that excess. What About PILON Payments Without a Contract Clause? A quick word on Payments in Lieu of Notice (PILON): If your contract doesn’t include a PILON clause but your employer still chooses to make a payment instead of having you serve your notice, that payment used to benefit from more favourable tax treatment. However, since April 2018, these payments are taxable regardless of whether they are contractual or not. I will cover this in more detail in a separate episode. Other Tax Considerations Beyond income tax, there are a couple of other considerations. For example, some benefits in kind, such as continuing to receive your company car or health insurance, may be subject to tax. And in cases where compensation is being paid for injury or discrimination ...
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    9 分
  • Episode 8: I have Received a Settlement Agreement. What do I do next?

    Episode 8: I have Received a Settlement Agreement. What do I do next?
    2024/09/28
    The Settlement Agreement Solicitor Episode 8 – I Have Received a Settlement Agreement, What Do I Do Next?Hello, and welcome back to The Settlement Agreement Solicitor. In this podcast, we break down everything you need to know about settlement agreements, helping you make informed decisions about your employment rights. I am your host, Geoffrey Caesar, solicitor of England and Wales, with over 20 years of experience advising employees on their settlement agreements. Today’s episode is one of the most practical ones yet, because we’re answering a question I get asked all the time: “I’ve just received a settlement agreement, what do I do next?” The very first thing—and I cannot stress this enough—is contact me. You need a solicitor on your side, and that’s exactly where I come in. I will take care of the legal side of things so you don’t have to worry. But before we dive into what you should do next, let’s take a step back and talk about what a settlement agreement is. In short, a settlement agreement is a legally binding contract between you and your employer. It usually outlines the terms of your departure from the company, including what you’ll receive in exchange for agreeing not to make any future claims against your employer. This can cover anything from compensation, confidentiality, references, and more. So, you’ve been handed this document, and you might be wondering: What now? 1. Contact me immediately The very first thing you should do is get in touch with me, Geoffrey Caesar, to act as your solicitor. By law, you’re required to seek independent legal advice before signing a settlement agreement. That is where I come in. I will review the agreement, explain what it means in plain English, and make sure that it works in your best interests. I will ensure that everything’s in order—whether it’s the compensation, notice period, or any restrictive covenants—and that you’re not leaving anything on the table. If necessary, I can also negotiate with your employer to improve the terms. Once we are happy with the agreement, I will provide you with the legal adviser letter or certificate that employers often require to evidence that you have received the requisite legal advice. You won’t have to pay me anything. Typically, the settlement agreement will include a provision for your legal fees, meaning your employer will cover the costs of my services. I will work within those agreed fees, and you don’t have to worry about any unexpected charges. All the legal support you need, at no cost to you. 2. Understand the deadlines Settlement agreements often come with tight deadlines, so time is of the essence. Your employer will usually give you a window in which to consider the agreement—typically 10 days but sometimes a faster turnaround is demanded. This is why you need to engage a solicitor like me as soon as possible. The quicker we get started, the more time we have to properly review and negotiate the terms. Do not rush into signing just to meet a deadline, though. It’s essential that the agreement is right for you. I’ll make sure we use the time wisely, and if needed, I can negotiate for an extension on the deadline. 3. Do not feel pressured Sometimes, when an employee receives a settlement agreement, they feel pressure to sign it immediately, whether it’s from HR, their line manager, or just the stress of the situation. But remember, you have rights. It’s your decision, and it’s essential that you fully understand what you’re agreeing to before you sign anything. Take a deep breath, and don’t rush into it. With my help, we’ll navigate the process together and ensure you’re fully protected. 4. Do not discuss the settlement It can be tempting to talk to your colleagues or friends about the settlement agreement, but keep in mind that most agreements include strict confidentiality clauses. Breaching these could potentially result in the offer being withdrawn or reduced. So, keep the details between yourself, your employer, and—most importantly—me, your solicitor. 5. Think about the long-term While the financial sum might catch your eye, there are other aspects of the agreement you need to consider, especially the long-term implications. For example, does the agreement include restrictive covenants that could limit your future job prospects? Will you receive an agreed reference to protect your reputation? I will look at these factors with you to ensure that every element of the settlement agreement suits your personal and professional goals. 6. Consider the terms carefully In addition to the compensation, I will review the non-financial terms. These include things like confidentiality, references, non-disparagement clauses, and more. Every clause is important, and I will make sure the terms are fair and reasonable. Final Thoughts To recap: Contact me immediately upon receiving a settlement agreement. I...
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    7 分
  • Episode 7: Non-Financial Benefits in a Settlement Agreement

    Episode 7: Non-Financial Benefits in a Settlement Agreement
    2024/09/27
    The Settlement Agreement Solicitor Episode 7 – Non-Financial Benefits in a Settlement Agreement Welcome back to The Settlement Agreement Solicitor, the podcast where I, Geoffrey Caesar, guide you through the ins and outs of settlement agreements with the benefit of over 20 years’ experience as a solicitor of England and Wales specialising in settlement agreements. In this episode, Episode 7, we will be talking about non-financial benefits that can be included in a settlement agreement.When most people think of settlement agreements, the first thing that comes to mind is, of course, the compensation—how much am I getting, and how will it be paid? But what many do not realise is that settlement agreements can include a variety of non-financial benefits. Depending on your situation, these additional terms can be just as valuable, if not more so. Let's dive into a few examples. 1. Agreed Reference One of the most common non-financial elements is an agreed reference. After leaving a job, especially in contentious circumstances, your future job prospects might be one of your biggest concerns. An agreed reference can be an important way to control the narrative about your departure. It is a pre-written document that outlines what your former employer will say if a prospective employer calls for a reference. This is vital in safeguarding your reputation and ensuring that nothing damaging or unfair gets said in future employment checks. 2. Confidentiality Clauses Most settlement agreements will include some form of confidentiality clause, where both sides agree not to discuss the terms of the agreement or, in some cases, the fact that a settlement has even been reached. While this might seem like it mainly benefits the employer, it can also be highly beneficial to the employee. If the circumstances of your departure are sensitive, a confidentiality clause can protect your reputation and give you peace of mind that your former employer won’t disclose the situation. 3. Non-Disparagement Clauses Closely linked to confidentiality is a non-disparagement clause. This is an agreement where both parties promise not to bad-mouth each other publicly. For employees, this can be a particularly useful safeguard against any negative comments or reputational damage after you leave. Think of it as a bit of extra protection to ensure no one’s talking about you in a way that could harm your future career. 4. Return of Property and Retention of Benefits You might also see terms about the return of company property. But, in some cases, there can be negotiation around retaining certain benefits. For example, if you had a company car, the agreement might allow you to keep it for a period of time after your employment ends. Similarly, things like private healthcare, life insurance, or gym memberships may be extended for a period as part of the settlement. 5. Outplacement Support Outplacement support is another powerful non-financial benefit, especially if you’re concerned about finding a new job. This could involve your employer covering the costs of career coaching, CV writing services, or even retraining. It’s a way to help you transition smoothly into your next role, which can be invaluable when you’re at a crossroads in your career. 6. Apology or Statement of Regret This next one might surprise you, but some people negotiate for an apology or a statement of regret from their employer. It’s not common, but in some cases, especially where workplace mistreatment or miscommunication is involved, getting a formal apology can provide emotional closure. It won’t be for everyone, but for some, it can be an important part of moving forward. 7. Mutual Agreement on Public Statements Lastly, public statements, particularly for more senior employees or those in public-facing roles. Negotiating a mutually agreed press release or public announcement about your departure is possible. This can help manage how your exit is perceived by the outside world, giving you control over the message that’s put out there.As you can see, settlement agreements aren’t just about the financial payout. Non-financial benefits can be just as crucial, particularly when it comes to your reputation, future career prospects, and personal peace of mind. When negotiating a settlement, always remember that it’s not just about what you’re walking away with monetarily but how you’re positioning yourself for the future. A well-crafted settlement agreement can protect your interests long after your departure from the company. And that wraps up today’s episode. I hope you found this dive into non-financial benefits helpful. As always, if you’re dealing with a settlement agreement or just have questions, feel free to reach out to me, Geoffrey Caesar, your go-to expert on settlement agreements.
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    6 分

あらすじ・解説

Have you received a settlement agreement? Freephone: 0800 061 4816 Email: geoffrey@settlementsolicitor.uk Geoffrey Caesar is a solicitor of England and Wales who has specialised in settlement agreements for over twenty years. In this podcast, he discusses every conceivable aspect of settlement agreements in detail. Tune in to stay informed and empowered.
© Geoffrey Caesar
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