redundancy from paye job and owning a business. What happens?

hellomate

Hi,
I work full time and am paid by paye. I recently started a business (ltd) what I need to know is if I am made redundant from my day job will I lose the redundancy money because I own a business?

Cheers

toddle2u

No, not if you have been employed by the PAYE job for more than 2 years which is what you need to qualify for redundancy

nononsense1

It may be worth checking your terms of employment to make sure there isn't a clause about not having another job. Whilst this does not affect redundancy it could lead to disciplinary action and ultimately loss of employment with no redundancy.

hellomate

Thanks Guys that is a relief