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Could some one please check these figures for me

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  • TallGirl
    TallGirl Posts: 6,174 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Just a quick update had the 30min meeting with the two bosses, basically I spelled out that I couldnt work 1 day in the office (I did query how the Scottish person would cope). The said they migth be slightly flexible if that was the only thing that stopped me from applying.

    We went through everything else about the new role and it looks like they want new people in. Its a rushed job (I think this guys job is on the line) and they want to get it sorted as quickly as possible. They admitted that the offer they had made me "was statutory pretty much" based on me not working my notice (I remembered your advice that not working your notice is not compensation).

    They are not sure what they can offer as they dont know how many of the 5 will want voluntary redundancy (my feeling is none or maybe 1). I said lets leave it until you know Friday or even next week (they are hoping to interview for the new posts early next week).

    I also promised to keep things to myself and be as helpful as possible whilst working my notice and be supportive towards them once nolonger there.

    They said they would get back to me today but in a way I would rather they thought about it some more. Still final questions and thanks for listening:

    Would it be advantages for me to offer to give up my company car early?

    They have a new person starting on the 4th March (my notice runs out on the 5th April) and I obviously would not have to pay so much tax in March. I can buy another car and I am sure they would pay the diesel for my business travel (currently also get private milage and car).

    Thanks
    Save £12k in 25 No 49
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  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    re the car:

    If you are definately leaving and would need a new car anyway then getting that in place before you lose the car would be sensible, if they have someone to take over the car you can try to make the timing fit while you look for something.
  • Hi TG - our paths cross again (and I'm considering voluntary redundancy, but from the Civil Service so have better terms).

    One thing to remember is that redundancy compensation is tax-free up to £30,000, so you wouldn't have to pay any tax on anything tagged as redundancy, but would have to pay tax on any buy-out of annual leave (and possibly the pay-in-lieu of notice, PILON, not sure about that). Obviously if you worked your notice you'd be taxed as usual.

    PM me if you want a chat, if you're still where you were (playing golf at Cams?) I'm not far away, but carless!
    Mortgage Free thanks to ill-health retirement
  • TallGirl
    TallGirl Posts: 6,174 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Thank TGG sent you a PM

    Well I got the call today basically they need me to work the next 2 to 3 months so into May but they won't need me 5 days a week only 3 to 4 days however they will pay me full pay. On top of that I get a lump sum of £15,000 and they are happy for me to hand back my company car early. I did ask if u got a job before I finish with them would I loose no £15,000 no I would still get it. To say I am happy is an understatement shows it worth negotiating.

    Thanks for all the comments and suggestions it has really helped during all of this.
    Save £12k in 25 No 49
    PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K  
    Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

  • TallGirl wrote: »
    Thank TGG sent you a PM

    Well I got the call today basically they need me to work the next 2 to 3 months so into May but they won't need me 5 days a week only 3 to 4 days however they will pay me full pay. On top of that I get a lump sum of £15,000 and they are happy for me to hand back my company car early. I did ask if u got a job before I finish with them would I loose no £15,000 no I would still get it. To say I am happy is an understatement shows it worth negotiating.

    Thanks for all the comments and suggestions it has really helped during all of this.

    Nice, get it in writing...especially about the payment if you get a job because let's be frank if you leave tomorrow they might be a tad peed off and refuse!
    Don't trust a forum for advice. Get proper paid advice. Any advice given should always be checked
  • Great news, TG - getting the offer (and no reduction if you leave early) in writing sounds like great advice. Good luck!
    Mortgage Free thanks to ill-health retirement
  • TallGirl
    TallGirl Posts: 6,174 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Just thought I would update on this thread in case it helps other. Not got anything in writing yet and I heard from another person affected that they are trying to say the money won't be tax free.

    Called HR and the problem is staying after the contractual notice period as the get the sum tax free there has to be a breach of contract e.g cancelation during that period.

    Only other option is for me to sign a compromise agreement (I think that was what it was called) but even then if I get a job before the 31st May that could be tricky.

    As I have a job offer I have offered to leave before my contractual notice period ends just before or after Easter.

    That way it will be a lump sum paid tax free.

    I'm quite happy with that anyone see any problems with this?
    Save £12k in 25 No 49
    PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K  
    Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

  • Spirit_2
    Spirit_2 Posts: 5,546 Forumite
    1,000 Posts Combo Breaker
    Not read whole thread - just last post - Only redundancy pay up to £30,000 is tax free.

    Any pay in lieu of holiday or notice is taxable.

    If your £15000 includes any of the above, that part will be taxed.
  • TallGirl
    TallGirl Posts: 6,174 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Thanks £15k is just voluntary redundancy pay there will be a small amount of holiday pay and of course final months wages which I know will be taxed.

    Just glad I have a new job to go to and it's all worked out. It's really horrible to face redundancy best of luck to anyone who faces this at the moment.
    Save £12k in 25 No 49
    PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K  
    Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    They(HR) are talking nonsense.

    If it is redundancy they can delay it after the original notice period and still give the redundancy tax free.

    It happens a lot as companies realise they actualy need people longer so change the end dates.
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