I have moved with Umbrella from April 2021 and was operating via my limited company til April for last 10 years.
Do the regulations allow for redundancy payments? My accountant has advised that I can pay myself £30K tax free.
Like many, I was operating as an employee through a limited company to a third party where I am a contractor.
Third party stipulated that we were inside IR35 and advised that we go through approved umbrella companies
under standard PAYE terms.
My company, of which I have been an employee for the past 10 years, and joint shareholder with my wife,
will therefore closing soon. It will have no other income.
My own personal circumstances are unchanged - I have continued to contract to the same end client, by simply
switching contracts from one employer, my company, to another, the umbrella company.
Do the regulations allow for non taxable redundancy payments by the company to the employee in such situations?
Has anybody done this? Are there any steps to follow before I contact MVL companies? Any recommendations please?
Regards Si
Do the regulations allow for redundancy payments? My accountant has advised that I can pay myself £30K tax free.
Like many, I was operating as an employee through a limited company to a third party where I am a contractor.
Third party stipulated that we were inside IR35 and advised that we go through approved umbrella companies
under standard PAYE terms.
My company, of which I have been an employee for the past 10 years, and joint shareholder with my wife,
will therefore closing soon. It will have no other income.
My own personal circumstances are unchanged - I have continued to contract to the same end client, by simply
switching contracts from one employer, my company, to another, the umbrella company.
Do the regulations allow for non taxable redundancy payments by the company to the employee in such situations?
Has anybody done this? Are there any steps to follow before I contact MVL companies? Any recommendations please?
Regards Si
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