Redundancy query

Betherillypop

Hi,

I am due to be made redundant at the end of January, and i am set to receive approx £5k.

This is going to be used to pay off my credit card and loan I've been struggling with for the last 4 years.

I was just wondering, will this show on my end of year P60? As i don't want to make the tax office aware and loose the small amount of benefits me and my girlfriend receive for our two children.

If anyone has any experience or knowledge of this it would be greatly appreciated.

SarEl

The tax office will be aware of it. It is tax free income -they have to be told you received it and why, otherwise the payment isn't above board.

Betherillypop

Yes it was tax free, as it was under the limit which is £30k i believe.

Does this mean they will therefore reduce my monies? Or is it not taken into account?

Even though I received it, I wont actually see a penny of it?