Redundancy and Tax Rebate

vivera01

Not sure if I should post this in redundancy or Tax so hope I'm in the right place!

I am being made redundant after 5 years service and will receive a 1 month payment in lieu of notice and an additional tax free settlement of approximately 6 months salary.

I earn £460000 and this is my only source of income. Do you think I will be entitled to some kind of tax rebate if I am out of work for a long period of time?

Thank you.

getmore4less

If you have worked 5 years you minimum notice if 5 weeks.

If you hand over the p45 to claim JSA then there will be some clawback from that not getting taxed, then p45 to the next employer will deal with some more any refund still due by April requires a claim at end of tax year.

An alternative route is a p50 but that requires a delay in claiming JSA as you are saying you won't be earning the rest of the tax year.

A rough estimate if you dont have any earnings for the rest of the year and have 6 month salary this years is £1200 overpaid

asuming you mean £46k not £460k

You can do an estimate yourself here

http://listentotaxman.com/index.php

vivera01

Thanks. I'm going self-employed so don't know when my next pay day will be.