Redundancy calculator including employer contributions

separatedinsamehome

hi all, I have been trying to find a redundancy calculator which allows me to enter what my employer contributions are so I can see what I will get. I havent been able to find one. Any suggestions?

General_Grant

separatedinsamehome said:

hi all, I have been trying to find a redundancy calculator which allows me to enter what my employer contributions are so I can see what I will get. I havent been able to find one. Any suggestions?

The employer pays all of the redundancy monies.
If you want to know what you would receive you should find this via the gov.uk website.  You need to know your age, how long employed, weekly salary (there is a maximum).

Undervalued

https://www.gov.uk/calculate-your-redundancy-pay

separatedinsamehome

thanks for the replies, sorry I wasn't clear. I get 4 weeks for each year from my employer so wanted to try and work out what I would get after tax, couldn't find a calculator that allows me to put in my contracted redundancy rather than just the statutory

getmore4less

easiest way to get close is take of the first £30k then add what's left to your earned pay

Undervalued

getmore4less said:

easiest way to get close is take of the first £30k then add what's left to your earned pay

Yes, the first £30K of the redundancy payment is tax free as it is regarded as compensation for the loss of your job. Your notice pay is taxable in the normal way even if you are not required to actually work your notice.

Any redundancy money over and above the £30K is taxable as if you had earnt it that year. So if substantial and depending on your salary and how late in the tax year it is paid is could potentially be taxed at the higher rate.

chrisbur

http://payecalculator.hmrc.gov.uk/PAYE0.aspx
http://nicecalculator.hmrc.gov.uk/Class1NICs1.aspx

Once you have worked out your gross pay figures for tax/NI these will give you the exact answers.  The tax figure will be the tax due at the time of payment and depending on past and future earnings some of this may be paid back to you.