{"id":5954,"date":"2016-06-07T14:08:37","date_gmt":"2016-06-07T14:08:37","guid":{"rendered":"http:\/\/www.ballymenachamber.co.uk\/?p=5954"},"modified":"2016-06-07T14:08:37","modified_gmt":"2016-06-07T14:08:37","slug":"make-the-most-of-redundancy-payout","status":"publish","type":"post","link":"https:\/\/ballymenachamber.co.uk\/?p=5954","title":{"rendered":"Make the Most of Redundancy Payout"},"content":{"rendered":"

With the Michelin and also JTI tobacco factory set to close and Ballymena facing some of its most challenging times, local tax specialist Ian Aiken is advising those affected to think carefully about the future and ensure their redundancy payout works for them.\u00a0<\/strong><\/p>\n

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Ian Aiken <\/strong>who runs TaxAssist Accountants in Ballymena said: \u201cDon\u2019t rush into making decisions about how you are going to use your redundancy pay out.\u00a0 First things first you need to check you\u2019ve got the right amount, if you owe any tax or alternatively whether you are due a tax rebate. \u00a0<\/em><\/p>\n

\u201cRedundancy pay outs are tax-free up to \u00a330,000, excluding holiday pay and pay in lieu of notice. If you don\u2019t need to spend your redundancy pay, you could consider using all or part of it to top up your pension pot. Paying into a pension scheme can be tax-efficient but we\u2019d recommend you seek advice from an Independent Financial Advisor who can help ensure you make the most of your pay out.\u00a0<\/em><\/p>\n

\u201cWe\u2019ve seen an increasing number of people coming to us enquiring about using their redundancy payout to set up their own business and, with the banks expecting to see you inject at least 30% of your own cash into your new business proposal as security, this could offer the opportunity to take the leap into self employment. \u00a0\u00a0<\/em><\/p>\n

\u201cSetting up your own business can be extremely rewarding, offering more flexible working and the potential to be more tax efficient. However, with the move to quarterly reporting to HMRC on the horizon, if you\u2019re seriously considering making the leap, it\u2019s vital to produce a clear business plan, cashflow forecast and to keep records in order. We can also help advise whether it is more tax efficient to set up as a sole trader, partnership or limited company.\u201d<\/em><\/p>\n

Under current rules, fledgling businesses may not make tax payments for up to 21 months in their crucial start-up phase.<\/p>\n

Ian <\/strong>added: \u201cBudding entrepreneurs should also consider the cost efficiencies of setting up from home rather than going straight into premises, such as saving on transportation and premises costs.\u201d<\/em><\/p>\n

TaxAssist Accountants in Ballymena <\/strong>is a local business providing tax and accountancy advice and services purely to small businesses across Ballymena, Broughshane, Mid Antrim, Randalstown, Ballyclare and the surrounding area.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the Michelin and also JTI tobacco factory set to close and Ballymena facing some of its most challenging times, local tax specialist Ian Aiken is advising those affected to think carefully about the future and ensure their redundancy payout works for them.\u00a0 Ian Aiken who runs TaxAssist Accountants in Ballymena said: \u201cDon\u2019t rush into […]<\/p>\n","protected":false},"author":1,"featured_media":5956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[3],"tags":[21],"class_list":["post-5954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-local-economy"],"_links":{"self":[{"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5954"}],"collection":[{"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5954"}],"version-history":[{"count":1,"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5954\/revisions"}],"predecessor-version":[{"id":5957,"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/5954\/revisions\/5957"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=\/wp\/v2\/media\/5956"}],"wp:attachment":[{"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ballymenachamber.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}