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22% or 40%
Bellini_2
Posts: 1 Newbie
in Cutting tax
I wonder if someone could help me. All in the same tax year I worked at a 22% tax job, then was made redundant with an excess of £30k redundancy payment which I paid 22% tax on. I then got a 40% tax job two months before the end of the tax year. My question is, can the HMRC take a further 18% of my redundancy payment over £30k?
Thank you,
David
Thank you,
David
0
Comments
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HMRC will take your income over the tax year into account minus the first £30,000 of your redunancy payment. The first £5,035 (or whatever your personal allowance is) will be tax free, the next £2,150 will be taxed at 10%, the next £31,150 will be taxed at 22% and the rest at 40%.0
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