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Shout99 - Freelancers, FO35, Section 660
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Redundancy payments when a company is forced to close
by David S at 09:18 15/03/21 (Ask-Legal-Accounting)
Do the regulations allow for redundancy payments when the limited company is forced to close?
Like many, I have been operating as an employee through a limited company to a third party where I am a contractor. That third party has stipulated it will not deal with contractors this way any more from the end of this month, and insists we all go through approved umbrella companies under standard PAYE terms.
My company, of which I have been a continuous employee for the past 23 years, and joint shareholder with my wife, will therefore close soon, as it will have no other income, nor the likelihood of any, since I expect to retire in the next year or two.
My own personal circumstances are unchanged - I will continue to contract to the same end client, but via a different mechanism.
Do the regulations allow for any non taxable redundancy payments by the company to the employee in such situations, and if so, up to how much and when must the payments be made?
David S
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