I'm due to receive a bonus at the end of the month on termination of employment...?

Question

How do I calculate tax on that bonus plus salary plus overtime? UK only.

Answer 1

It all depends on what your earnings up until now have been and what your bonus will be. On an annual basis the first 2230 of taxable pay is chargeable at 10% and the next 34600 at 22%, so if you will go above this, you would pay tax at 40% on the bonus.
Without more info, its hard to be helpful.

Answer 2

Assuming your Employer operates PAYE, all pay (including Redundancy) it will be Taxed 'at source' (i.e. before it's paid to you).

Any Bonus and Money-in-Lieu of notice will be Taxed as earnings, whilst the first £30,000 of any Redundancy Pay is Tax Free (any over that is Taxed as earnings)

If your Redundancy Pay is less than £30,000, you are better off taking the Bonus as Redundancy Pay.

If this is still less than £30k, and you are being paid Money-in-Lieu for more that the Statutory Notice Period, you are better off taking the excess as Redundancy too.

Your will need to agree that with your Employer before leaving.

NB. You will be due a (small) Tax Rebate (which you won't get until next 5 April 2008), if you don't immediately get another job.