Voluntary redundancy

fatboytim1

Hi, i left my place of work after 22 years taking voluntary redundancy, the company called it voluntary exit package where we got 3 weeks pay for each year we did, i got £30,000 tax free and $16325 severance pay which is taxed. The severance pay was paid into my bank on the 14/4/2011 (week 2 of new tax year) but have been taxed at 40%, which they took £7169, i am only working part time, 2 days a week now so will not hit the super tax bracket. I spoke to the company payroll dept and they said theres nothing they can do and more than likely a new tax code will be issued so that i will hardly pay tax till i have got back what they over taxed me but i would like it back now in lump sum, is there any way i can get it back this way. Thanks for any advice.

RuthnJasper

I think the HMRC may have taxed you on what you were earning at the time, not what you ARE earning now. I'm not sure if you will be able to claim it back. But that's just my humble opinion, not a statement of fact. Someone more knowledgeable than me will be along to help you soon I daresay.

Good luck to you Tim. And I'm sure you're not fat - there's just more of you to love...

R xx

Brightwater

PAYE assumes you will continue to "earn" the same amount throughout the tax year. Phone your tax office and explain the circumstances and they will issue a new tax code. It's certainly worth asking if they can send a repayment cheque.

RuthnJasper

Brightwater wrote: »

PAYE assumes you will continue to "earn" the same amount throughout the tax year. Phone your tax office and explain the circumstances and they will issue a new tax code. It's certainly worth asking if they can send a repayment cheque.

Agreed - it's always worth asking, just to be sure. x

fatboytim1

Many thanks, tried to ring them but all i got was greensleves for 20 mins, will try again

RuthnJasper

fatboytim1 wrote: »

Many thanks, tried to ring them but all i got was greensleves for 20 mins, will try again

Try on Tuesday, poppet - Bank Holiday today (something to do with a wedding...), the office might be closed. x

McKneff

RuthnJasper wrote: »

Try on Tuesday, poppet - Bank Holiday today (something to do with a wedding...), the office might be closed. x

I just loved that response, it was the 'poppet' that did it.

What a nice lady you sound;)

(all being that it was the Ruth half of your username:D)
If not, forget i said anything:D

fatboytim1

Dont mind Ruth calling me poppet, if its Jasper, i shall start to get worried.

fatboytim1

Deffo be shut on monday, a wedding, someone get married today did they, didnt know that :beer:, lol , us Brits do put on a good show. :T:T:T .

Andyboy

Hi Tim

click on the link, it has info on new tax rules for Redundancy.

http://forums.moneysavingexpert.com/showpost.php?p=42850322&postcount=36

Hope it helps. Please feel free to add your experiences to the forum.

Good luck.

RuthnJasper

McKneff wrote: »

I just loved that response, it was the 'poppet' that did it.

What a nice lady you sound;)

(all being that it was the Ruth half of your username:D)
If not, forget i said anything:D

Dont mind Ruth calling me poppet, if its Jasper, i shall start to get worried.

Thanks boys, I really appreciate that! You're very sweet. Never fear - I am a single young lass and Jasper is my dog! Jasper is a Staffordshire Bull Terrier and VERY MUCH a ladies' man. (Not so his friend Eddie the Rottweiler who is not only as gay as a cucumber but also camp-as-a row-of-tents)...

Jasper occasionally ventures online (see our homepage, linked-to under my name) to send wee-mails to his chums. He's very fond of his friend's Facebook page "Raising money for cat charities and then blowing the cash on beer!"
:beer:

Hope you're having a fab weekend boys! BTW - do take care - At any time the temptation to sing The Lion Sleeps Tonight is never more than a whim away.