Employment Termination Payments - An Update for Payroll Personnel
Making a final payment to an employee is always important, but some aspects of the tax and NI treatment of termination payments are complex, and they are also changing from April 2020.
HMRC are well aware that employers can make mistakes in their processing of termination payments, so they always focus on them when they undertake a compliance audit.
This updated webinar will guide you through the do’s and don’ts.
What You Will Learn
This webinar will cover the following:
- The £30,000 tax exemption - it’s not just about calling something ex-gratia!
- The do’s and don’ts of termination payments - garden leave, pension contributions and benefits in kind
- What is Post Employment Notice Pay (PENP) and how do you calculate it?
- The abolition of foreign service relief
- What is changing from April 2020 with the introduction of Class 1A national insurance on termination payments