Recommend a tax advisor for redundancy and ex gratia payment.

N

Not_near_it

Registered User
Messages
35
Hi all,

My employer is offering a redundancy package and I would like to get some tax advice related to the ex gratia payment, tax due and impact to pension/future benefits.
Any recommendations for an advisor who is familiar with this, Dublin North based if possible.

Thanks
 
Your payroll should be able to advise for free as part of the process. Why not just ask here as there's not a huge amount that's not available online anyway. Have you read thru' citizen's advice and revenue websites ? They have good examples of scenarios.
 
Statutory is Tax free. Pay in lieu of notice is taxable as if it was salary. Everything else depends on the number of years service you've done, whether or not you have taken a tax free lump sum for redundancy in the past and whether or not you intend to take one from your pension in the future. Your employer should give you both options (Take a tax free sum or don't) so you can make an informed decision.

In my experience as the employer, staff closer to pension age with a decent pension pot were less likely to take the tax free redundancy option
 
I have been informed that the company won’t be offering any advise, up to us to figure out where we stand tax wise.

I have over 20 year’s service and have never taken a tax free lump sum, I’m 50 years old if that make any difference.
Have a decent pension pot.
 
thedaddyman said:
No employer will provide advice but they should provide the numbers for you to make a decision
Click to expand...
I think the OP’s issue is that they need someone who can interpret the information provided and give them a steer in terms of best next steps. Would be interested myself.
 
Normally the pension company provides this service they have a better view of the full picture. Some tax advisors don't understand the pension aspect.
 
You must log in or register to reply here.
Menu
Log in
Register