Settlement Agreements

A settlement agreement is a legally binding contract between an employer and employee which settles claims that the employee may have against their employer.

Settlement agreements are typically given to employees if they are being made redundant or are given money in return for certain conditions, such as not bringing a claim against their employer. Ideally, problems get resolved through talking or formal procedures but when an agreement still cannot be reached a settlement agreement can be used to end the relationship between employer and employee. They can also be used to settle disputes mid-contract.

Many settlement agreements may also include a reference for the employee, a reference could help the employee find a new job faster, reducing the stress and financial impact of their departure from a company.

An employer should give an employee enough time to consider a settlement agreement, usually a minimum of ten calendar days. An employer should be clear about the reasons behind the proposal and be prepared to meet and answer any questions from the employee. An employer should be sensitive about issues discussed with the employee with the main aim of reaching a mutual agreement.

When deciding on how much money to offer for a settlement agreement an employer should consider the potential cost of resolving the issue without a settlement agreement.

The tax rules on a settlement agreement are complex and should be checked by an accountant or financial advisor, generally, compensation paid under a settlement agreement can often be made free of tax and national insurance up to the value of £30,000.

Business Gas (Why, When & How to Switch)

When running a busy business, your gas renewal bill can be one of the last things on your mind. With countless suppliers offering deals on deals it can be hard to distinguish who’s the best business gas provider to go with and how to switch to them.

In this article we explain everything you need to know about business gas including why, when and how to switch.

Why switch business gas suppliers?

Just like many prices around the world, business gas prices constantly bounce up and down. Due to this, many business owners decide never to switch due to the time-consuming task of searching through suppliers to find the best price for their company. However, by not switching, you could be overpaying on your gas and missing out on deals that could reduce your expenses on a yearly basis.

One way you can approach switching your gas supplier is finding a website which will compare business gas suppliers for you. These online comparison websites offer advice on the best suppliers to go with at that moment in time, allowing you to take advantage of spells where there are price drops and therefore secure a long-term contract at a rate that’s lower than what you pay currently.

When to switch business gas suppliers?

The best time to switch your business gas supplier is when there is a dip in the prices. As business gas prices fluctuate, consumers can get a reduced rate on their business gas by simply paying attention to the prices being charged.

The best way to keep an eye on fluctuating prices is to find a website which can compare business gas suppliers for you. With this you can find contracts which are right for your business as well as compare prices of suppliers and the energy usages which is included.

How to switch business gas suppliers?

Switching your business gas supplier is slightly harder than switching your home gas, as you have to take into consideration the energy usage and scale of your business as well as the contract type you wish to enter.

When beginning the process of switching gas suppliers, one of the first things you need to do is review your current contract. You need to know when your current contract us up for renewal and when you can change suppliers. This is considered your notice period, which allows your current supplier to be aware of your decision to move.

Important Note: It is important to be aware of when your switching window opens and closes, so you know exactly when you can switch suppliers.

Your switching window is likely to be within anywhere between 30 to 180 days before your contract comes to an end.

After finding out your switching window, simply find a business energy provider you would prefer and contact them informing them of your choice to switch to them as well as contacting your current provider informing them of your release from their contract. After this you can switch over your gas suppliers and see the financial savings from your switch.