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Redundancy planning help

Hi 
I’m due to leave my company in march 24 and I have two questions..
1. Would I be better off hanging on until after April 6th new tax year as I won’t be working for at least 6 months as I’m going travelling.. this would mean my redundancy payment (50k) would be paid in 24/25 tax year so only £20k taxable at lower rate..

2. would I be better off leaving earlier as my payment would stay the same as long as I leave after October 27th 2023. I wouldn’t want ti leave much before January as I won’t be getting any income at all then.. but if by leaving earlier, I’ll pay a big difference in tax on the £20k it might be worth it if I haven’t earned my full year salary..? 
My current salary is £45800 tax code 575l I have a company car for personal use. I get paid 4 weekly so 13 pay days a year. 

Thanks for any help.. I’ve tried wasting several hours of my life on IR phone line but I can’t get any sense. 

🤞🏼🤞🏼

Comments

  • lincroft1710
    lincroft1710 Posts: 19,705
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Forumite
    I doubt if HMRC would proffer any advice on tax planning
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
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