My Redundancy Diary

Andyboy

MightyMythop wrote: »

I had a meeting today with a woman from a company called Penna. ......we like so I've got to get another job so we can live our dream of buying a wreck and doing it up!

Best of luck. It's good to have something to aim for. My target is to spend time with family and not feed the taxman for the rest of the financial year!

MissMuppet wrote: »

Well I've decided to do something a bit adventurous... I am going to move to France!! I leave work at the end of July with a years salary, I have already started learning French and as soon as I have the money I'll do the CELTA qualification so I can teach English out there to start off with. My Mum lives out there and I've just come back from a weeks holiday, it confirmed that I wanted to do it as well. The aim is to get over there either at the end of this year, or the beginning of next... ideally with the majority of my redundancy money to keep me going until I can set myself up in a job.

MissMuppet go for it. It must make it a little easier knowing people over there. If my circumstances were different (although I am extremely happy where I am) i would do the same!

Good luck. Keep us posted.

Jackonary

Andyboy wrote: »

So here i am phoning HMRC regarding change of circumstances ( needs to be done within 1 month of stopping working if anyone didn't know) and have fought my way through the "press 1 for....press 2 for....press 867 for....." finally a human to speak to. "hello" they say and i reply the same. "Hello is there anyone there? Sorry i can't hear you and will have to terminate call." they come backwith.

This happened twice on 2 different phones but the 3rd phone (mobile) worked. After a brief reason for calling and much sympathy from the lady on the other end I was told that they would have to ask a few personal questions to confirm my ID before proceeding. No problem i thought and we continued....."DOB?...thanks that's fine....Who do you have mortgage with....oh we don't have them on the system.....we'll try there name before they were taken over a few years back....oh that's not on there either. i'll just put you on hold a minute and come back" So I waited, laughing to myself but wondering how much it might have cost had I used the suggested 0845 number and not the 02etc one I found.

"Thanks for waiting. can you tell me the age in years and months of the child on the claim" I replied without hesitation to which they said "are you sure it is different here" and proceeded to ask the same question verbatum ( as if some miracle would ensue and my boy had gained a year or 2 or lost that odd insignificant month?)

This continued to the point that I was awaiting some camera and a voice saying you have been framed or just kidding, but alas it was all too real. Eventually the questioning ended and the lady said that's fine you have passed. I was flabergasted when she then asked why I was calling....."redundant, remember!" screamed in my head but luckily didn't come through the vocal chords. :mad:

The part of my life that was used up in this way ended with her saying "I'll just have to put you on hold because i have to leave my desk for the next bit" What the......was it tea break time or was the pen was locked in a secure compound at the other side of the office? She eventually returned to state that nothing would change for 4 weeks and we would be notified if there were any changes to our payments.

Good luck all ye who dareth phoneth the tax credits crew. I am still laughing really which makes me realise how chilled I must be.

Undetered I might contact Jobseekers tomorrow...not today, that would be too much fun at once. :rotfl:

Hi Andyboy

May I please ask why we have to contact the HMRC? I was made redundant on 14 March 2011. Is it too late to contact HMRC? I have started claiming contribution based JSA though.

Thanks.

Barnabylovesicecream

If you were made redundant in march contacting hmrc won't make much difference. You will have been taxed as if you were earning xxx amount per year. As jsa is only £65 a week it is less than weekly tax free amount and so you may be due a small refund. Would make more difference mid tax year.


I contacted them as they had me on a 40 per cent second job tax code for a payment I am still due from January but which will be paid in may now. I would have been taxed on it all at 40 per cent but they have put my annual income as that plus 6 months jsa and as a result I will pay much less tax.

Andyboy

Jackonary wrote: »

Hi Andyboy

May I please ask why we have to contact the HMRC? I was made redundant on 14 March 2011. Is it too late to contact HMRC? I have started claiming contribution based JSA though.

Thanks.

Hi Jackonary

My reason for contacting was to arrange any changes to tax credits. If you are receiving working tax credits and stop work you must inform them.

Barnaby....makes a valid point re-tax although i am not 100% sure what he means (probably too early for my grey matter to be active!)

i have pondered whether to claim JSA as i am not really looking for work currently and would pay 40% tax on it. i would be interested in some alternative views on this.

Barnabylovesicecream

Tbe annual tax free amount is £7475. They don't let you earn this and then pay tax on the rest. They split it up to a weekly amount of £143 ish. You then pay tax on anything over that. The system assumes that you will earn the same amount each week. When you get jsa it is only £65 so less than tne tax free amount but you have already paid tax in the first part of the year assuming that you will be getting more. You would get a refund for the difference in the tax. Easiest thing is to put amounts you earnt and get from jsa into listen to the taxman- it will tell you if you have paid the right amount. If you have overpaid just phone them up.

Jackonary

Morning all

Andyboy and Barnaby, thanks for the explanations about HMRC. I won't panic just yet but will ring HMRC at some point then.

J

Andyboy

Barnabylovesicecream wrote: »

Tbe annual tax free amount is £7475. They don't let you earn this and then pay tax on the rest. They split it up to a weekly amount of £143 ish. You then pay tax on anything over that. The system assumes that you will earn the same amount each week. When you get jsa it is only £65 so less than tne tax free amount but you have already paid tax in the first part of the year assuming that you will be getting more. You would get a refund for the difference in the tax. Easiest thing is to put amounts you earnt and get from jsa into listen to the taxman- it will tell you if you have paid the right amount. If you have overpaid just phone them up.

Hi B

i understand that but wonder what they then do if you have a redundancy payout in the new financial year which is over the £30K tax free limit. Do they assusme you earn that amount weekly/monthly?

i believe i will be paying 40% tax on JSA.

Barnabylovesicecream

Mine was end of march and not over 30k.

But you contact them and tell them what your income will be. You would only pay 40 per cent if you redundancy was over 72 ish thousand. So tax free £30,000 then 7475 tax free (personal tax allowance) then 20 per cent up to 35 k (42 ish with tax free allowance). Then 40 per cent over that (on redundancy, any earnings in this tax year and jsa combined) If you also had salary in April that would be income as well. Put the figures in listen to the taxman.

If you paid more tax on your redundancy than you should have then you can ask to get it back.

SlopingBird

beansy wrote: »

Hi Slopingbird

I have no doubt you will and won't look back regretting it.

You have done the hardest bit and that was making the decision!



Kind regards
:smileyhea

Hi beansy

Thanks for your good wishes - I haven't been on here all week hence my thank you is a bit belated.

I wish I was retiring but I'm 49 (50 the week I finish work) so retirement is very much in the distant future. Daughter number 3 is still at school and despite lots of OPs, I still have a 90k mortgage so . . . the plan is to set up as a freelance writer/copywriter/editor (my partner already works in this field) and maybe also work part-time for an employer (I found out yesterday that there might be an opportunity to do some freelance subbing on local paper in the summer so will look into that).

As the days pass, I'm definitely calming down a bit and finally starting to focus. I have a meeting with a mate (designer/web designer) on Friday evening to work on my logo/website and then another meeting with my 'business advisor' in two weeks' time.

I'm also writing a script (nearly finished) and have an idea for another short story (got one in TAB Fiction Feast a few months ago - they pay really well so any would-be writers out there, it's definitely worth sticking at it). So feel quite positive at the moment.

The nicest thing about redundancy is that it gives us the opportunity to come up for air - to actually have a breather from the relentless world of nine to five (or longer in many cases). In my officer, four of us are leaving; to say we are 'demob happy' is an understatement - we are almost dancing around with delight (yes, things have become that bad in local government).

Anyway, hope everything works out for you too. Keep us all updated and I'll do the same.

:rotfl:

SlopingBird

daisyf wrote: »

Do you know slopingbird I feel exactly the same as you in freefall panic.

Hi daisyf

Sorry about the long delay in responding. It's good to know I'm not the only one. Oddly - as I just said to beansy - now the bank holidays are out of the way, I seem to be calming down a bit.

Good luck with your first consultancy job and your website.

The panic is gradually subsiding (though it may come back when I have to start dealing with the 'officials' for JSA, tax credits, etc ) - what about you?

I've got 12 more days in work - what about you?