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How to gross up your schedule of loss


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What is grossing up ?
Grossing up is an important calculation in your schedule of loss to work out how much compensation you should receive after tax, so that you get the correct compensation for your net loss. If your claim for lost earnings is less than £30,000.00 you will not be taxed on it. If your lost earnings comes to more than £30,000.00, the amount in excess of £30,000.00 will be taxed as income. This page provides step-by-step instructions to calculate how much more you need to be paid so that you are left with the right amount after tax.

Compensation for loss of earnings and com...

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Income Tax and National Insurance contributions – treatment of termination payments – From April 2020, employer National Insurance contributions (NICs) will be payable on termination payments above £30,000. This change will be implemented by the National Insurance Contributions (Termination Awards and Sporting Testimonials) Act 2019. It applies to employers who make termination payments, and employees who receive them….Read more

 

See also Mitigation Statement Template,  Checklist for claiming compensation in the Employment Tribunal, The Basic Award, The Compensatory Award, How to prepare your schedule of loss for the Employment Tribunal, Schedule of loss spreadsheet for unfair dismissal claims, Schedule of loss spreadsheet for discrimination claims

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