redundancy

Question asked by Gordon Acton 5 months ago

can you please advise the correct procedure to record a non-taxable redundancy payment

3 Replies

Hi Gordon,

Apologies! In this case, when you attempt to process the employee's payslip, you should be able to click Add Post Tax payment, for example:

file

Tommy

Hi Gordon,

If you currently import bank statements, you must head to Money > Bank Accounts > Click Explain beside the imported statement. When explaining this payment, you will select the employee as the supplier. For the VAT rate and account code, I would advise double checking with your accountant.

If you do not import bank statements, you can process this under Money > Bank accounts > Click Money out beside the relevant bank account > Explain Money out.

Tommy

I meant how do I process it in the payroll package, its a payment not subject to any deductions such as ni or tax?

Hi Gordon,

Apologies! In this case, when you attempt to process the employee's payslip, you should be able to click Add Post Tax payment, for example:

file

Tommy

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