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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I am receiving a settlemnt from an employment contract

Customer Question

Hello i am receiving a settlemnt from an employment contract for income due while i was an em
ployee. If i take the100k and pay the lawyers and hmrc there is nothing left over. Are there any othr options to shelter this income?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
If this is a redundancy payment then the first 30K is tax free. If this is a settlement of a legal action for damages then it is tax free. If you can get this paid into a pension scheme, 40K max contribution this tax year then it would effectively be tax free. Otherwise, I regret that you are caught by Benjamin Franklin's dictum that in life there are but two certainties, death and taxes.
Expert:  bigduckontax replied 1 year ago.
Rating not understood, you have not made any follow up questions to clarify my reply if you so require.
Customer: replied 1 year ago.
Hello rating was because your answer was incorrect, inprecise and obviously googled.
Expert:  bigduckontax replied 1 year ago.
In my training as an accountant I was always taught that looking things up was the correct course of action.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3115
Experience: FCCA FCMA CGMA ACIS
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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