What Do I Do After Being Made Redundant

AJ1982

Q1 - This will likely balance out, over the remaining tax year, hand your P45 to your new employer and the PAYE system will do the rest. Worst case, you get your P60 at the end of the tax year (April 2016) and you run the figures through listentotaxman.com and claim the difference. In all my years on PAYE, it has never been wrong over a year, except where the P45 was not present, or lost. I think JSA is taxable so this same principle may apply.

Q2 - Up to you, given the "pay out" you have received vs how employable you are, its upto you if you can claim JSA, not sure if you even qualify to honest. My situation, I was 28 years old, I found a new job in 2 weeks, got back on the horse so to speak.

Note the actual severance payment is tax free. Of course any PILON (payment in leiu of notice, holidays, bonus, salary is all full taxable) My company was "kind" enough to roll it all up as tax free. I assume you have signed your agreement now, so might be a bit late.

d3liberate

Its never too late, i've verbally agreed a settlement but its still tied up in paperwork so not signed.

They've been pretty generous with the severance payment, going over double what was originally offered after negotiation and they have already paid my PILON through my normal wages so not sure its really possible to negotiate the tax roll up or ask for it?

elsien

If you do sign on, as you were in a senior position, your job seekers agreement will give you a certain amount of time where you can just apply to similar level jobs as you had before. After that you will be expected to apply for anything and everything - minimum wage, the lot.
I had 3 months leeway, I've seen other people say they were given 6 months. Personally, I only signed on because it was a condition of my mortgage protection insurance, I'd have left it longer otherwise. Not a pleasant experience being treated like a shirker and having to prove everything. And I was very miffed when due to my savings I didn't even get free dental treatment. I thought there had to be something else I was entitled to after years of paying into the system - sadly not.