ARTICLE · 25 JUNE 2015

Terminations And Resignations

BDO LLP

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Termination exercises and payments remain a contentious area of employment tax, with HMRC always keen to examine the way terminations have been handled because of the significant scope for errors to arise.

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Termination exercises and payments remain a contentious area of employment tax, with HMRC always keen to examine the way terminations have been handled because of the significant scope for errors to arise. If you missed our recent webinar on termination payments you can still view it online here.

Aside from getting the technical details right, returning termination payments through RTI can be complex. Fortunately, HMRC has recently updated its RTI guidance on termination payments.

All corporate directors must resign

The Companies Act 2006 has recently been amended to ban companies acting as the director for another company. The ban takes effect from October 2015 and corporate directors will have 12 months to resign (and perhaps be replaced by a natural person if the company policy or the articles of association require this) or Companies House will resign them automatically from October 2016.

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