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Voluntary severance payment and tax/NIC from April 2019
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colinpost
Posts: 6 Forumite
After April 2019, I'm expecting a voluntary severance payment of approx. £35K. But, I'm confused over the new tax/NIC laws being introduced.
Will I pay Tax/NIC on :
all the amount?
or
just pay tax/NIC of payment over £30K ?
(I currently pay basic rate tax)
Will I pay Tax/NIC on :
all the amount?
or
just pay tax/NIC of payment over £30K ?
(I currently pay basic rate tax)
I say what I like, I like what I say!
0
Comments
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After April 2019, I'm expecting a voluntary severance payment of approx. £35K. But, I'm confused over the new tax/NIC laws being introduced.
Will I pay Tax/NIC on :
all the amount?
or
just pay tax/NIC of payment over £30K ?
(I currently pay basic rate tax)
Well certainly at the moment you would pay tax on only £5K (the first £30K being tax free).
I wasn't aware that this may change but maybe I'm wrong?0
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