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Redundancy mid-year & tax

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Hello

I was made redundant at the end of November '24 and am looking for some advice on the tax I paid on my severance payment, as well as PAYE during the period April - November.  

My total redundancy payment was 80k and tax deducted was £20,200.  So, I paid 40% tax.

In addition to my redundancy, my taxable earnings for the year to November (i.e. up until my redundancy) in my P45 were £58,415.  

I paid £15,398 tax on these earnings.

I have not worked since redundancy and will not do so for the remainder of this tax year. 

Total taxable income is therefore £108,415 - 50k taxable redundancy & £58,415 taxable earnings.  

Total tax paid is therefore £35,598. 

Am I right that the tax on my redundancy payment is roughly correct at 40% but that I have overpaid on PAYE as a result of finishing work part way through the year.  If yes, is there any point in submitting a P50 at this stage or is it easier to wait until April and and do it through self-assessment?

Many thanks for any advice.

Comments

  • artyboy
    artyboy Posts: 1,597 Forumite
    1,000 Posts Second Anniversary Name Dropper
    If you're not desperate for the cash, just do it through SA on the 6th April. Thats what I did last time I was in a similar situation. 

    The last couple of times actually  :D
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