Redundancy & Tax

paphos19

after @29 years working for the same organisation I, like many others, are being made redundant. I am leaving early Aug.
I am trying to work out how much redundancy I will actually get paid (after tax) as I am planning to go to university & need to know pretty exactly how much I will have before I can start applying.
My tax code is 647L which I understand means I can earn £6470 per tax year before paying any tax.
My current salary is @£27k so I am a basic tax rate payer.My NI & tax is paid up to date via PAYE.
So far this current tax year I have earnt @£5.7k.
My redundancy 'payment' is @£46k of which I know £30k is tax free.
I believe (?) that of the £16k balance, I can deduct my tax allowance of £6470, leaving @£9750 on which I will need to pay 20% income tax?
Can anyone help clarify these figures?
I have called my local tax office but I have given up after being put 'on hold' for the ump-teenth time!
:huh:

fengirl_2

You need to look at your income for the whole tax year:
Salary to August (say) £11,250
Taxable redundancy £16,000
Taxable income for 09-10 27,250
less persoanl allowance 6,475
Taxable 20,775 @ 20% = £4155.00 tax due

Tax will be deducted frm your pay to daye of leaving and the taxable redundancy pay as if you were going to work for the whole year, but you can reclaim the tax overpaid as soon as you leave by downloading form P50 frm www.hmrc.gov.uk and sending it with your P45 to your tax office. The refund will be the difference between the tax deducted and the £4155 shown above (subject of course to the salaary figure above being accurate).