where do I mention the redundancy money?

mrsdee

hi
have been sorting out my tax return - very straightforward normally but in the tax year I took redundancy and got a nice lump sum (on which I was taxed of course). I couldnt find where to put this on the online self assessment form! Can anyone help?
thanks!

Twopints

Not sure where it goes on the Tax return, but normally you should not be taxed on the first £30,000 of any redundancy payment. When I was made redundant 3 years ago my full redundancy payment was included as part of my pay on my P45. Then I claimed the £30,000 allowance via the tax return. I will try to find my copy of the tax return where I put this and will get back to you if no-one else has answered by then !

mrsdee

Twopints wrote:

Not sure where it goes on the Tax return, but normally you should not be taxed on the first £30,000 of any redundancy payment. When I was made redundant 3 years ago my full redundancy payment was included as part of my pay on my P45. Then I claimed the £30,000 allowance via the tax return. I will try to find my copy of the tax return where I put this and will get back to you if no-one else has answered by then !

Thankyou!
I paid tax on the £30K but not on the rest. It was further complicated by a an additioal payment for car allowance. I did get a P45 when I left but they didnt put the redundancy payment on there, I think - just the payment I had received from April till May (which is when I left). I guess it is illegal to simply not put it down? I think I have paid the correct amount of tax, and having done the rest of my return it has calculated that I would receive a small refund....

hjd

It goes on the employment pages. You need to enter the full amount and then the £30,000 is deductible. You need to use this helpsheet
http://www.hmrc.gov.uk/allforms.shtml , type IR204 on the search and then the top pdf result is the form you want (sorry, don't know how to link to the actual pdf)
and then that tells you where to put the figures on the return.

mrsdee

thank you very much! I'll take a look now...