TAX TIP OF THE WEEK – Are you looking to close or sell your company soon, then perhaps you could benefit from a redundancy package.
Employees (including directors) laid off due to a business being sold or closed down, can be entitled to statutory redundancy payments that are TAX FREE up to £30,000. The redundancy payment is calculated based on payroll wages, age and time worked for the business. This causes a problem for owner directors as they are most …