settlement agreement

Settlement Agreements

Has your employer discussed ending your employment through redundancy or with a settlement agreement/compromise agreement?

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What is a settlement agreement?

A settlement agreement is a legally binding document that sets out an agreement between you and your employer with regards to terminator of employment. These agreements vary depending on each set of circumstances. In a nut shell, it will outline compensation, confidentiality, validity, tax and your statutory rights.

Settlement or Compromise Agreements

Has your employer discussed ending your employment through redundancy or with a settlement agreement or compromise agreement?

Poole Alcock has expert employment solicitors who can help you with your settlement agreement. Our Employment solicitors specialise in reviewing, preparing and advising on settlement agreements. With a wealth of expertise in dealing with settlement agreements, they can provide you with quality, easy to understand advice.

We will advise you on your settlement/compromise agreements, ensuring you understand your rights. We will also negotiate with your employer if we think you are entitled to more. From beginning to end, your compromise agreement will be dealt with by a knowledgeable and supportive solicitor. We appreciate the importance of getting your compromise agreement right. Our solicitors understand the complexities of dealing with compromise or settlement agreements and will provide you with fair advice.

Your redundancy agreement will be considered thoroughly. The advice our solicitors will provide you will be reasoned and sensitive to your needs.

Tax Status of Settlement Agreements

The general position for payments provided for under the remit of the Settlement Agreement is as follows:

  • Contractual Payments should be taxed and subjected to NIC’s in the usual way - that is to say, payments made arising from an obligation to make the payments under the contract of employment. This includes payment relating to; notice pay (or payment in lieu of notice (PILON)), salary, bonus or commission payments and payments relating to benefits in kind.
  • Termination Payments – this includes non-contractual payments relating to loss of office. For example; ex-gratia payments, compensation for breach of statutory rights and redundancy payments. The first £30,000 of the total termination payment may be exempt from tax and NIC. Any excess above this threshold should be taxed and subjected to NIC’s appropriately.

It is important that the payments arising under the Settlement Agreement are taxed and subject to NIC appropriately. Whilst it is the primary responsibility of the Employer to ensure this, it is common for the Settlement Agreement to provide for a specific tax indemnity to re-allocate this risk to the Employee.

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What we will do for you...

Poole Alcock Solicitors have an expert settlement agreement team that will advise you on:

The content of your settlement agreement, making sure you understand the terms and are aware of your rights.

Whether or not they are offering you enough money, and if not then we will negotiate this with your employer.

If you are being treated fairly.

What are the benefits?

  • Same day service available

    You can be sure that you will get a speedy response – most settlement agreements that we deal with can be turned around within 48 hours however, we do also offer a same day service if required.

  • Your employer pays - not you

    Your employer will cover the legal fees associated with settlement agreements/compromise agreements, leaving no cost to you.

  • Do it all online

    Simply attach and upload your agreement now.

    We can also meet with you at any of our offices either at Wilmslow, Alsager, Congleton, Sandbach, Nantwich and Crewe. Alternatively, settlement agreements can be discussed over the phone or video conference.

    For an appointment to discuss your settlement agreement, please call 01270 625478 or contact us online.

  • Our employment solicitors are highly experienced

    Our team of specialist employment solicitors have a wealth of knowledge and experience in dealing with settlement agreements. We are on hand to advise you through this difficult time, whilst helping to make sure you get what you are entitled to.

    We believe our clients should receive the highest possible standard of customer care and quality of legal advice each time they use our services.

Get in touch

Contact our team to find out how we can help you.

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Settlement Agreement Calculator

If you're an employee, Enter your details below to see whether your settlement value is fair. We will contact you to discuss your settlement figure using the contact details provided.

If you're an employer discussing ending or terminating an employee's contract through redundancy or with a settlement agreement, we can help too. To protect your business you must ensure the process is fairly handled. Use the calculator below to enter employees' details to check whether their settlement value is fair.

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