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Redundancy,Wages and tax help.
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twisted.angel
Posts: 8 Forumite
Hello
My partner is being made redundant on 30th April. He be paid his final wages on the 23rd April.
This will include 6 months wages ( in his contract they have to give him 6 month notice but they do not need him to work it out), Holiday and 6 months car allowance.
He will also get £7K redundancy ( I think is non taxable?).
He has phoned the tax office and they said based on the £29K he thinks he get he will pay £11,600 tax and £2,600 NI. Does this sound right?
They said after 4 weeks he can claim some tax back if not working. But better to leave it as long as poss as he get more back longer her waits to claim it. How much would this be?
What will happen tax wise if he goes straight into a job with wages of £35-£50K a year? Will his tax go up even further? He is currently on 50K a year but may take a job with less responsiblity and hours for 35k.
Thank you for any advice or help.
My partner is being made redundant on 30th April. He be paid his final wages on the 23rd April.
This will include 6 months wages ( in his contract they have to give him 6 month notice but they do not need him to work it out), Holiday and 6 months car allowance.
He will also get £7K redundancy ( I think is non taxable?).
He has phoned the tax office and they said based on the £29K he thinks he get he will pay £11,600 tax and £2,600 NI. Does this sound right?
They said after 4 weeks he can claim some tax back if not working. But better to leave it as long as poss as he get more back longer her waits to claim it. How much would this be?
What will happen tax wise if he goes straight into a job with wages of £35-£50K a year? Will his tax go up even further? He is currently on 50K a year but may take a job with less responsiblity and hours for 35k.
Thank you for any advice or help.
0
Comments
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PAYE should sort the tax out if he gets another job you just total for the year.
The first few months will be low/no tax
use the PAYE calculator( April is month 1)
http://payecalculator.hmrc.gov.uk/PAYE0.aspx
NI on £29k should be around £800-£900
https://www.gov.uk/national-insurance-rates-letters0
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