P50

DUS

Hi,

I´ve been working in the UK since 1 April 2008 but will my employment will be terminated with effect of 28 February. As a fellow MSE user has just re-confirmed to me in another thread, I am not entitled to any benefits such as JSA, council tax rebates etc. since I have cash exceeding 15k in my bank accounts incl. ISAs and shares.

As this is quite disappointing (yes, I know, I am just spoiled from countries on the Continent where I would now receive 60% of my recent net salary, sigh! ) I continued to read a bit on MSE and other sites and came across the P50 form from HMRC. As I am not too familiar with UK tax laws etc and handling unemployment in a foreign country always adds some complexity to the personal situation), I hope you can help me with an answer to the following question:

1/ So, at the end of Feb I will have worked from 6 April 2009 - 28 February 2010. The company is using PAYE.

2/ Due to the dire economic climate I consider it highly unlikely that I will find any employment before the end of the current tax year.

Questions:

a/ Does it make financial sense for me to fill out the P50? By the end of Feb I will have earned something like 65k. Not earning any money in March and the first 5 days in April, will this generate some extra cash for me in form of a refund? If so, any idea of how much that would roughly be?

b/ I haven´t received my P45 yet since it´s not the end of Feb. I assume I cannot get it before 28 Feb, can I?

c/ Lastly, what happens if I send the P50 to HMRC "now" and then find a job in the course of March? What would happen then? What would I have to do if this situation arises?

With not being entitled to any benefits such as JSA etc., I would like to make use of those entitlements that help me during my time out of work and income.

Thank you all for your answers!

Best,
DUS

DUS

I didn´t want to unnecessarily open another thread for a question/answer that I am sure I should have found on MSE already, so please let me use the existing thread to add another question about contribution based JSA.

Up until a few mins ago, I was 100% sure that I am not entitled to any benefits, incl. JSA, because my ISA and cash exceeds the maximum level for means-tested benefits. But reading once again an info on "contribution-based JSA" I now wonder if I might potentially be entitled to that. Previously, I thought contribution based JSA would require at least 2 years of continued NI contributions. But, could I have misintepreted that? Is the condition not the 24 months but a certain level of contribution within the last 24 months?

I haven´t been employed in the UK for 2 full years yet but my NIC over the last 22 months amounts to something like > 6k. Does that qualify me for contribution based JSA?

Thank you!
DUS

McKneff

I think you have to have 2 full years NI contributions but these contributions
have to have been (for benefits now) from April 07 to March 09. Its the last 2 FULL (from April to March) years, I am happy to be corrected if i am wrong.

Was i reading it right that you have earned £65K in the last year or so, have you spent it all.

dookar

For contributory benefit the years are the last two complete tax years prior to the benefit year in which the claim is made.

In one of those years you must have paid NICs on earnings at least equal to 25 times the lower earnings limit. In the other you must have paid on earnings at least equal to 50 times

DUS

Thanks for clarifying this! That´s greatly appreciated!

DUS

jfdi

Of course - there is the possibility you could claim using your previous Social Security contributions if you were working in a country with whom the UK has a reciprocal agreement prior to April 08!

DUS

jfdi wrote: »

Of course - there is the possibility you could claim using your previous Social Security contributions if you were working in a country with whom the UK has a reciprocal agreement prior to April 08!

Thank you! I will look into this! Boy, what a complex topic this turns out to be. :-)

I will speak to the Jobcenter next week and see if my contributions made in Germany (during the time corresponding to the UK´s 2007/08 tax year) satisfy the contribution conditions for the current benefit year. Thanks to a link provided from a fellow MSE user, at least I do know now that over here you differentiate between contribution and benefit years. :-)

To all of you: Thank you!

DUS