Not Required

Little_Miss_T_2

Just wanted advice

Paul_Herring

:rolleyes:

waddy80

One way or another it will 'go through' your account. If it is paid by cheque it will have to go in an account in your name. If it's paid by bacs, it has to go into your account. If you say you have spent it and have actually put it somewhere else that is your decision. Basically you would have to lie on any claim forms.

PROLIANT

Little_Miss_T wrote: »

I am due to be made redundant next week & will take home around 5K in redundancy as I already have approx 3k savings in my mortgage bank account that I share with my partner this would affect any potential/future benefits that I might receive (Anything over 6k) I have worked ALL my life & this redundancy isn't going to go far so why should I be penalised?

Is there anyway I can hide it? for example in my soon to be 3 year old sons savings account??... failing this I shall put under my mattress!

Any idea's? Thanks in advacne

Make sure it is paid in to another account other than your main current account, withdraw it and hide it in the house, buy a fire-proof safe for about £30 and make sure it is well hidden and secure.

No point in keeping it in a Bank account as rates are so low at them moment, hide it, enjoy it and don't let the greedy government get their mitt's on it.
You earned it; you and your family should enjoy it. :beer:

Sorry you lost your job by the way. :cool:

Primrose

I'm sorry you've lost your job but there are millions of us out there who have also suffered in some way or other as a result of the recession and are still paying our due taxes, whether we like it or not. And most of us don't of course, especially when we see cheating MP's getting away with things. But that is no licence for the rest of us to behave dishonestly. As your redundancy money will be declared to HM Customs and Revenue by your employer, even if it is tax free, there will still be a record of it if the Benefits agency choose to do a check.

psychic_teabag

FWIW I don't think jobseekers allowance is means-tested - it's based on your own past NI contributions. (Or maybe put that another way - there is at least one kind of job-seekers allowance that is not means tested.)

Paul_Herring

psychic_teabag wrote: »

FWIW I don't think jobseekers allowance is means-tested - it's based on your own past NI contributions. (Or maybe put that another way - there is at least one kind of job-seekers allowance that is not means tested.)

There are two JSAs. Income based (means tested, based on income/savings) and Contributions based (based on NI contributions for the past two years.)

The latter is payable for a maximum of 6 months, whereupon the former may be paid if eligible.

The OP should be eligible for contributions based JSA presuming their first post is accurate.

YorkshireBoy

Paul_Herring wrote: »

The OP should be eligible for contributions based JSA presuming their first post is accurate.

And so long as the £5K didn't include an element of PILON?

If it did, and things haven't changed since I was in that situation 6 years ago, then contribution based JSA may (will?) be deferred until the 'notice' period expires.

p00hsticks

As previous posters have said, presuming you've got enough NI contributions then the first six months JSA are not means tested anyhow, so it's not going to be an issue for a while. Hopefully you will have found another job before that time expires.

If you don't though, and need to move onto means tested benefits, then trust me, HMRC and DWP between them know how much you have in your savings accounts and are also likely to find out how much redundancy payments you get - do you really want to get charged with benefit fraud ?


Incidentally, you say you have worked ALL your life. If you were brought up in this country, I very much doubt that this is true as you would have had to be in school until you were at least 16. The fact that you have a three year old son suggests to me that you are most likely to be in your twenties or thirties (forties at most). Ask yourself truthfully how many years have you been contributing by paying tax and NI.

Then bear in mind that there are probably many people out there who have put far more into the pot than you. The whole point of a redundancy payment is to help you with your expenses during the period while you search for another job - it''s not some sort of lottery win that you get to keep untouched whilst you live off benefits that others are paying for.

maxtweenie

Is this post for real? I thought this site was for tips on saving money, not for tips on lying, cheating and defrauding the taxman.

Paul_Herring

p00hsticks wrote: »

Incidentally, you say you have worked ALL your life. If you were brought up in this country, I very much doubt that this is true as you would have had to be in school until you were at least 16.

I suspect that most people read that as intended; i.e. all their potental working life (i.e. from 16/18/leaving Uni.)

The fact that you have a three year old son suggests to me that you are most likely to be in your twenties or thirties (forties at most). Ask yourself truthfully how many years have you been contributing by paying tax and NI.

Personally, as a 37 yr old, I've been paying them (with the exception of 3 weeks back in 2007) for 21 years. What's your point?

Then bear in mind that there are probably many people out there who have put far more into the pot than you. The whole point of a redundancy payment is to help you with your expenses during the period while you search for another job - it''s not some sort of lottery win that you get to keep untouched whilst you live off benefits that others are paying for.

Lottery? Do you have any idea how much (or rather little) JSA is these days? Regardless, I still believe the OP to be wrong to want to do this.