Tax on insolvency service payment

crayola

Hi all

Last year I received a payment from the insolvency service as a redundancy lump sum when the company I used to work for went into administration and understand that I need to declare it on my self assessment under the 'employment lump sums' section.

I know the amounts, but I do not know if it was taxed or not at the time.

Can anyone please tell me if this sum is usually taxed? Will I be able to just work out what the tax would be and add it in now?

I don't have the paperwork with me as I am in the office but just want this done before I lose the plot completely.

Please help - going out of my mind here and cursing the day I (involuntarily) went self employed :mad:

jimmo

The first £30,000 of redundancy payments are exempt from Income Tax.
http://www.hmrc.gov.uk/manuals/eimanual/EIM13505.htm
As long as you are sure that what you were paid was solely redundancy money and not for example, unpaid salary or holiday pay do you have anything to worry about?