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Tax on Redundancy
I'm due a sizeable redundancy payment but would like to minimise tax. Understand £30.k tax free and rest is taxed. Also understand I can pay into pension up to £60k year.. I am due to receive payment end of Jan. My question is can i ask payroll to split the redundancy payment and pay a proportion next tax year end of april…
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Redundancy tax
My daughter is being made redundant on the 28th March 2024. Her salary of £60k makes her a 40% tax payer. Her redundancy payment is approx £60k. £30k is tax free and her employer says that she cannot put the extra £30k into her defined contributions pension. Would it be a good move to create a Sipp inside the 2023-2024 tax…
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Recommend Me Redundancy Insurance Cover Firm Please
Hi there, I'm looking to get myself some redundancy cover - an ASU effectively but not fussed about the accident or sickness aspects as I have that already via work so if I was ill or hurt I'm covered ironically. My job is currently secure but medium term (18 months or more) I do have some concerns, but nothing official at…
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Experience of claiming Protective Award?
My Husband was made instantly redundant last week when the company went into administration. They had no warning, no consultation period, nothing. In the documentation the administrators have sent it mentions claiming for compensation via a Protective Award. Does anyone have any experience of doing this? Is it something we…
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been made redundant effective immediately - Unpaid salary
Hi all, so me and my colleagues have been made redundant effective immediately. The reason is the company cannot pay its debts. They are not officially insolvent (active on companies house) but there is an insolvency practitioner on the case. We have not been paid for our previous months work and are told to wait for our…
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Redundancy due to liquidation
Hi the company my husband works for engaged a liquidation practitioner and shut down with immediate effect on December 18th, changing the locks and all employees made redundant with immediate effect. The director has not yet registered the voluntary liquidation, leaving the employees in limbo. The director says he is…
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Final payment - late March or early April
I'm about to leave my employment on 22/3/24 with a significant final payment due to be made. Once I've left I have to reaffirm within 7 days that I've left and they will pay me within 10 working days of the reaffirmation. As I've already maxed pension input for the last 5yrs I've currently nowhere easy to 'lose' income but…
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Civil Service Compensation Scheme Question
Hi not sure if anyone can offer any advice or if it’s the wrong forum. I am 60 next February and there is a possibility of Voluntary Redundancy on Civil Service Compensation Scheme terms in the near future. I took partial retirement (2.5 days a week) at the beginning of August after completing almost 41 years service. Most…
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Civil service redundancy
With regards to civil service redundancy terms. Is redundancy pay based on time in current department or based on total time in civil service. Which is demonstrated by continued membership of the civil service pension scheme. I've worked for three departments over 21 years and there are rumours of job cuts
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Redundancy and subsequent available roles
After recently being given the news that the company I work for is being reorganised and merged into another company. All employees across the entire business are going through a redundacny process and as such, all roles will cease to exist with replacement roles being made available for those employees wishing to stay…
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Voluntary or Compulsory redundancy
Hi, I have been working for the same company for 30 years. On Tuesday of this week the company announced significant staff redundancies. They have asked for voluntary redundancy initially this week then next week Compulsory redundancies follow. I am thinking about asking for voluntary redundancy or will it be more…
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Redundancy
Hi all. I am 55. I am more than likely about to be made redundant. I first worked at the company at one site with no contract for 1yeary 8 month. I then moved to another site (same company) with a contract of 22 hours per week, i have currently done 1 year 42 weeks. Despite a 22 hour contract i have been working 40 hours…
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Redundancy and new style JSA
My job is getting redundant. My notice period is 12 weeks, I will have my notice letter issued on the 9th of February, then will work 4 weeks, and workplace shut down on 8th March 2024( this will be last day of my employment). My payment was proposed - 4 weeks redundancy pay + 8 weeks PILON to be paid with last wages on…
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Redundancy after less than 2 yrs
Hello, I was hired last year in August and flagged as at risk of redundancy last week. As I understand it, this mean I only have the notice that is defined in the contract (1 month) and no other package unless at company's discretion. Is that correct? Also, if the contract says "you'll be reporting to a Director" but in…
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Pregnancy and workplace administration
Hello. My wife is 17 weeks pregnant and there is strong talk that her workplace could enter administration. Where does that leave her? She would be out of a job and we imagine it would be difficult to find another while she is pregnant. Would she get any payment from the government? Would she get maternity pay from the…
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Do Employees pay National Insurance on Severance Payments?
Hi. I am receiving a voluntary severance payment on the termination of my employment. The severance payment has £30k tax free and anything over that is taxable. My question is about whether that amount of £30k requires employee National Insurance contributions to be paid. The HMRC website says Employer Class 1A NIC must be…
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Tax implications on redundancy payment
Hi, I was informed yesterday that I’m being made redundant at the end of this year. Fortunately the severance package is sizeable given my tenure and current salary. That said I need some clarity on my tax liabilities and how to deal with them. I believe the gross severance payment will be c.£250k and by the end of the…
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Redundancy/agreement pre-retirement
Not sure whether this is better here or in Pensions/Retirement but it’s here until it’s moved or I’m told it’s better elsewhere 53yo with 34yrs service and a plan to retire at 55 (21 months from now) I’ve had some medical issues this year that company aren’t geared up to support through adjustments (though if I need to…
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Unpaid Redundancy
I have been made redundant along with nine others the company is still active but the employer won't pay the redundancy what can I do?
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Which Tax Year Does My Redundancy Impact
I'm planning for redundancy and early retirement in the next 12 months. I expect redundancy of around £130k, where I'll get 30k tax free and use salary sacrifice to put the rest into a pension. I know i have a £40k/year tax free allowance on the pension contributions, counting back unused allowance in the previous 3 years…
