Compromise Agreements Tax Implications

By Fiona E Martin

Job Vacancy Indonesia, Employee, Vacancy   

Compromise Agreements are legally binding agreements between an employer and an employee, sometimes referred to as a termination settlement. They allow for a clean break of the employment relationship where the employee waives their right to bring claims in return for compensation.

The first £30,000 of compensation is generally tax free. However, this is not the case with every Compromise Agreement. How much of a payment is taxable depends on the basis on which it is paid. So if you are giving or receiving compensation in a Compromise Agreement it pays to look at ways to make it as tax efficient as possible. Here are some of the options.

Salary and benefits to date
All payments made up to the point the contract of employment ends are subject to normal tax and national insurance deductions.

Payment in lieu of holiday
Payments in lieu of holiday are taxable.

Pay in lieu of notice
Where such payments are allowed for in the employee's contract of employment or employee handbook they are taxable. Where they are not, they may be paid gross and count towards the £30,000 exemption.

However, where an employer routinely makes payments in lieu of notice - even if it is not part of the employment contract - HM Revenue & Customs may consider tax should be deducted.

Payments for restrictive covenants and confidentiality obligations
An employer may restrict an employee from acting in competition, or approaching customers or employees after they leave. If the contract contains enforceable restrictive covenants, the employer can rely on these if it has not breached the contract when terminating the employment.

However, if the contract does not have these provisions, or they are unenforceable, the employer can seek new restrictions. To make these binding in law a "consideration" must be paid - usually a small sum of £100-£200. This is taxable and liable to national insurance contributions. The same applies to payments associated with a confidentiality clause.

Compensatory and ex-gratia payments
The first £30,000 of compensatory, ex gratia (non-contractual) payments for loss of office or employment is tax exempt.

Redundancy Compromise Agreement
Statutory and contractual redundancy payments fall within the £30,000 exemption.

Pension contributions
Direct payments into a pension scheme are not taxable unless they exceed annual and lifetime contribution allowances.

Outplacement costs
Contributions to the cost of outplacement counselling or training are not taxable. Usually paid directly by the employer, they do not count towards the £30,000 exemption.

Legal costs
The employer usually pays the employee's legal costs. This does not count towards the £30,000 exemption as long as the fees are solely in connection with termination of employment.

Sums exceeding the £30,000 exemption
If the Compromise Agreement compensation exceeds the £30,000 exemption, tax is deducted at basic rate on the additional amount.

Business Coach Certification - The Need for Business Certification

By Rafael Tassini

Job Vacancy Indonesia, Employee, Vacancy

There is a growing need for business coaches these days. Even though one might think that business owners would be reluctant to spend the money to hire a business coach in the current economic slump, many are consulting help because they do not want to go under as so many other companies have. Coaching, then, can be a lucrative career where you are able to help others. There are coaches by the dozen online, but few hold a business coaching certification or credential. The certification for coaches in business is gained through a challenging course and qualifying exam.
This credential sets you apart from those who merely want to give their opinion over and over. Certified business coaches have the tools needed to assess a business and recommend actions that will improve the efficiency of the company. Training and certification help to teach and train coaches looking to do so in business, but it also helps business owners understand how to raise business capital. The honor of helping businesses thrive and expand is a mission that is strengthening the national and global economy. It is a part of enabling business owners to develop companies that run basically on their own.
A coaching certification course is one which teaches the tools of the trade of modern business. Knowing how to assess a business from the inside out requires looking at the company as a big picture made up of smaller parts. What parts are clogging the wheels of productivity? A coach can see more effective methods of running the business as a whole, as well as within a single part. They also help business owners move into the age of technology, with mobile data interfaces, company internet presence, and more. The fresh eyes of a business coach can see the areas that have been overlooked by a busy business owner.
While many former business owners might have great advice about what they did, business coaches who have been through rigorous training to earn a coaching certification in business have the knowledge and skills to help a wide variety of businesses and situations. They can effectively use their knowledge of models and processes to assess and improve the current business model. The certification credential can be added to a business card, resume, website, and more. Choosing a certification course includes selecting curriculum and instructor that you respect. An instructor with a successful background in business coaching is essential. This way students get an overall view from curriculum paired with the practical advice of a person who has been there before.

 

Business Coaching Certification - Joining the Business Coaching Field

By Rafael Tassini

Job Vacancy Indonesia, Employee, Vacancy

Business coaching is a growing industry that provides the service of consulting or coaching for business owners and CEO's. The leaders who run companies sometimes need an outside perspective to survey the operations and assess where productivity is being slowed. These coaches can provide analysis, advice, support, and new knowledge, especially in the areas of ways to raise capital or business use of technology. The best coaches have earned their coaching certification credentials and are fully qualified to do these jobs. However, there are some coaches out there who have little to no experience or training in the field.
Business leaders seeking the services of a business coach should check to see if they have their coaching certification. This is gained through a strenuous training class that focuses on the practical application of business coaching principles followed by a rigorous qualifying exam to earn the certification. These courses provide students with study guides and memorization tools to help them learn the tools, processes, and formulas that have worked in the field of business as well items specific to coaching in business. These include learning how to acquire clients and lead business leaders. The clients of coaches in business are not used to being in the role of a follower, so there are special techniques and interpersonal skills that can increase the success of the business coach and the business leader with whom they are working.
Coaching certification courses teach students how to be effective and efficient in their own businesses to make profits soar. It would not speak well of the doctor is he was continually sick, right? Obviously the business coach must use their own expertise in their own business as well. The courses also train students in the best practices of business coaching. Students also learn how to structure a relationship with the client to be most effective at improving the productivity of their business.
So, who becomes a coach in business? Well, those that have had successful careers in business leadership and want a change of scene or pace might gain their business coaching certification. A person who has great analytical, problem-solving, and interpersonal skills might seek it as a career from the beginning. Much like a sports coach, it does help if the business coach has been in business at least a little. Sometimes a role like this opens up in a corporation and people need training so they take the course to qualify.

Business Coach Training - Training to Become a Business Coach

By Rafael Tassini

Job Vacancy Indonesia, Employee, Vacancy

As employers are finding it necessary to lay off employees or even go out of business, the company leaders are seeking help to save their businesses. Coaches in business can help assess problem areas and make recommendations on how to make the company more efficient and profitable. If you think you would excel at business coaching, you might want to consider a business coach training course. These classes prepare students for many situations and result in a certification credential that can set the graduates apart from other, less qualified, business coaches. Challenging courses are becoming known for their excellent preparation for the actual real world business coaching experience.
Curriculum in a coach training course is typically focused on several areas. The first area includes the business practices that that have been proven to work in the real world. These models, processes, and formulas have been tested and tried in different business situations and projects. Business coaches must have the ability to look at the company and see it in parts that make up the whole. They have to assess the parts of the company that are slowing production and profits. Coaches must also be problem solvers that can see the solution to the problem and make recommendations.
Learning how to deal with business leaders is also a part of coach training. This interpersonal training is included in excellent training courses. Structuring a relationship with a client that allows for effective communications of the mistakes and overlooked areas of the business can be tricky without a framework. Learning about how to build a foundation for this effective kind of relationship is covered in the class on becoming a business coach. Communication skills from company leadership to the rest of the company structure are highly important when the leader starts making changes in the company. Coaches in business also have to know how to help the leader of the company learn how to communicate and motivate effectively.
When you are building a business as a coach for other businesses, you need to keep in mind your own advice. Structuring a coaching business correctly can lay the foundation for success in the future. Coach training courses can help you get that foundation right. A business coach is nothing without clients. Training courses also help you learn how to find and connect with potential clients. Traditional marketing strategies don't often work in this field so the class can also teach you how to market effectively. A coaching business can soar with the right training.

 

Business Coach Training - A Successful Business Coaching Company

By Rafael Tassini

Job Vacancy Indonesia, Employee, Vacancy

When a business leader is choosing a coach in business, they may be overwhelmed with the choices available. Some coaches in business are simply former business owners who want to share their experiences. The best coaches in business, however, have completed a business coach training course and are certified as having passed the qualifying exam. This helps prepare business coaches to deal with multiple situations and areas of business instead of just going off their own limited experiences. This certification is a sign that a coach has been trained in the best practices of the field of coaching in business. They learn how to assess the parts of a business and the company as a whole.

The ability to see how a whole is broken down into parts and what areas are slowing productivity is important in the coaching career. Keeping each portion of the company efficient and effective at what they are assigned helps the whole company to be more profitable. The purpose for hiring a business coach is can be different for each business owner. Some need a fresh pair of eyes to assess the business for the slower department and procedures. Some need to raise capital and need advice on how to get there. Others are looking to improve marketing strategies or implement newer technologies and desire guidance in those areas. Business coach training prepares business coaches to work in all these areas.

Certain processes, tools, and models have been used successfully in multiple areas of business all around the world. In coaching training, students learn these methods and how to apply them to different industries. Great coaching is based upon a relationship the coach builds with the business leader client. Interpersonal skills and good coaching relationship structures are also taught in the training course. These are key components to the success of a business coach. The clients are leaders who have little experience taking advice from others. They are often reluctant to see the failings in their own businesses even though this is the first step to fixing the problems.

Laying the groundwork of respect and relationship can ensure a business coach's success. In addition, a business coach training course teaches coaches how to find and acquire clients to build their own business. Successful systems for getting and retaining clients can help someone grow their coaching business into a lucrative company. Joining this unique field of coaching in the business world can start with a specialized training course.

The Seven New Resume Skills Employers Want To See

By Phil Baker

Job Vacancy Indonesia, Employee, Vacancy 

Because workplace technology is continually changing faster than a mouse click, there are new resume skills you must not overlook. Just a few years ago software skills like being proficient with MS Word, Excel, and the computer and being able to surf the Internet were regarded as extra value skills by many employers. Now most employers take for granted candidates have some familiarity with these programs regarded as elementary as, well, elementary school.

You can still state that you are capable with the established programs, especially if the job posting states they are required or beneficial. However, in addition to these basics and the specific skills you need for your profession, depending on the type of work you are seeking, there are seven new resume skills that can give you an edge:

Evidence of Successful Human Interaction: Social technology skills are not always enough for every job. Interaction with old-fashioned work systems called human beings is often required. Because so many people have been in cocoons in the last decade and have less in-person interaction with others many job candidates are lacking in personal social talents or team skills. If you have in person customer service, coaching, team membership, people management experience or have attended sales, communication, or team seminars, or have served on live committees by all means make some inclusion on your resume. Employers want people who can play well with others.

Bilingual Skills: Speaking a second language is now a plus for more jobs in the US than ever before and almost necessary for working overseas. Outsourcing and the global economy make breaking down language barriers vital for today's business. If you speak more than one language let potential employers know even if they are not asking. If you do not you can get language lesson software fairly inexpensively and start picking up a new language.

Social Networking: This is another skill you can learn fairly quickly. Letting potential employers know you are current with technology can be reflected by including links on your resume to your professional social networking accounts. Your personal Facebook page that has all your friends pics or your twitter account that tells us what you did at the bar last night is NOT what you want to include. Setting up professional social networking accounts and including those on your resume is wise. Professional Linked in, twitter, and Facebook accounts show you have been keeping up with the times and can provide additional beneficial information to employers about your talents and expertise.

Leadership Experience or Training: No matter what job you are seeking leadership skills can be favorable. Showing you have leadership skills or training is more important than ever. Many corporations are now operating on employee empowerment principles. This is when all employees are trained in leadership education. Candidates who understand leadership principles will have an advantage. Include any leadership training or positions on committees, teams, volunteer groups, church, clubs, or associations.

Bicultural Skills: If you are bicultural (have grown up or spent time in another culture and understand their social nuances) this can also be a desired skill. Learning another language is great but knowing the acceptable and practiced manners and laws of another culture can be critical in today's business.

Smart Skills: Many jobs require advanced communication skills. SEO, apps, and smart phone technology are booming. The jury is still out but the future might see diminished use of the PC even in business as more apps are developed and Internet access systems are morphed into smaller devices. Web conferencing iPhone, iPad, and Google apps for contacts, scheduling, calendars, web conferencing, meeting and event planning are becoming increasingly popular. Let potential employers know you are familiar with these.

Also now at the very least an understanding of SEO (Search Engine Marketing) is a plus for a growing number of jobs. Positions in marketing, and webmasters, salespeople, managers, computer graphic designers, website builders, writers, and more positions can benefit employers with an understanding of SEO. If you have SEO skills by all means fit them into your resume. If SEO knowledge can at all be relevant to the position you are seeking this can make you competitive.