Anyone know - do you have to pay income tax on a redundancy payment?

Answer 1

The first £30,000 is not taxable on a redundancy payment.

There are exceptions to the rule! Get legal advice, there should be an allowance offered by your employer for this purpose.

Answer 2

I surely have been made redundant and phoned the tax workplace direct immediately to confirm approximately this question The sign out of your previous company is sent to declare that this tax code is no longer in use as quickly as they pay your final earnings What occurs then is the t/workplace will tax and alter for this reason, your tax code Now, the tax year is going from April to April so in case you have been made redundant on month 8(Jan) then you definately have a tax rebate to declare with regard to the final 4 months tax year you're entitled to tax credit in case you have babies too and additionally, in case you pay right into a private pension, tax alleviation may well be avail to you in case you probably did no longer get carry of tax alleviation from source( ie - the pension company provides you that) All in all, due diligence is had to confirm what you're owed and sturdy success too, that's a shitty international accessible except you're HSBC and strangle the existence out of the united kingdom financial equipment

Answer 3

Look at this:

http://www.hmrc.gov.uk/guidance/redundancy-factsheet.pdf

Answer 4

sad to say that you do, just wnet thru it myslef.
make sure that if ur employer gives you a lump sum without tax taken off that you contact Inland Rev as they will want the tax later - so put it away for then, they will want their share i'm afraid.

Answer 5

No Not on 1st 30k but you do pay Nt Ins on all of the payout

Answer 6

no, the first £30,000 is tax-free.