P50 Form

preston_boy

Hi I and 1200 of my work colleagues have just been made redundant on week 51. Are we better off filling in the P50 form and claiming the tax back? Or just claim the job seekers allowance?
We did not get any redundency notice, redundency pay and most of us did not get paid our last 4 weeks wages.

getmore4less

I thnk you should claim JSA and do a tax return if you think you are due tax back.

Depending on the situation you may also be able to get some redundancy and your pay

ableandy

you would get very little tax back anyway, remember your PAYE is over 52 weeks, you have alreay had 51/52ths of it so that only leads you with 1/52th.

Simplistically, tax free allowance is £5220, which is roughly £100 per week tax free, so you only have about £100 of allowance left, at the standard tax rate of say 22p in the pound, means you might be able to get back about £22.00.

Go to: http://www.i-resign.com/uk/financialcentre/tax_calculator.asp type in how much money you have earned this year and it will tell you how much tax you should have paid.