Anyone know the rules on Redundancy Payments?
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  1. #1
    Global Warmer Paul Y's Avatar
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    Anyone know the rules on Redundancy Payments?

    Morning All,

    Knew it was coming so lucky enough to have another job lined up ( I hope!)

    My question to the panel is :-

    Tax? Is your basic salary, and any notice due, tax free or is it only the redundancy entitlement?

    As I have only been there just over 2 years I am entitled to the sum total of £380 but it would be a nice bonus if I could get a months money gross.

    Done a search on the web and it is all a bit ambiguous, might well ring up the Tax office and ask them if no one is forth coming.

    At least the last time it happened I made my self redundant!

    P.

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    scavengers cc jack earls's Avatar
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    http://www.direct.gov.uk/en/Employme...cy/DG_10029836
    when on this page on the right of the screen is a do it online link,click on calculate.

    hope this helps.

    Jack






    *Only full years of service are taken into account when calculating statutory redundancy
    Last edited by jack earls; 19-03-2010 at 10:09.

  4. #3
    My name is Martin 30psi's Avatar
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    Anything that is outside of the employers legal obligation to pay can be ex gratia i.e. tax free. So any redundancy payment greater than the statutory amount.

    Your notice period is taxable if its included within your contract.

    My advice would be to ask your payroll dept/boss if they can put it all through as ex gratia. If they're a little blind to the exact rules they may run it all tax free

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    Global Warmer Paul Y's Avatar
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    Thanks for the info Gentlemen.

    I had agreed with the MD that it would be Tax Free and then HR got involved........

    Looks like they are right contracted monies are not tax free.

    ******.

    Oh well, at least it is Friday

    P.

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    Official RnS Addict farncombe pop's Avatar
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    Quote Originally Posted by Paul Y View Post
    Morning All,

    Knew it was coming so lucky enough to have another job lined up ( I hope!)

    My question to the panel is :-

    Tax? Is your basic salary, and any notice due, tax free or is it only the redundancy entitlement?

    As I have only been there just over 2 years I am entitled to the sum total of £380 but it would be a nice bonus if I could get a months money gross.

    Done a search on the web and it is all a bit ambiguous, might well ring up the Tax office and ask them if no one is forth coming.

    At least the last time it happened I made my self redundant!

    P.
    I'd check that £380, when we had our last round the payment was £330 per week for each complete year served tax free,[ or 1.5 of this if over 41 years of age ] you are also entitled to a weeks notice for each year served OR pay in lue of notice [ taxed ] plus holls, good luck.
    Here to help !

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    scavengers cc jack earls's Avatar
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    i believe it is now capped at £350.00 per week.


    Jack

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    Quote Originally Posted by jack earls View Post
    i believe it is now capped at £350.00 per week.


    Jack
    £380 now.

  9. #8
    Official RnS Addict farncombe pop's Avatar
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    Perhaps that's where the £380 above come from? but if he's done over two years they are still doing him out of a year and that's if he's under 41.
    Here to help !

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    Rods 'n' Sods Junkie
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    Sorry to hear that Paul - all the best for finding something new.

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    Official RnS Addict rootesix66's Avatar
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    thats bad mate
    ever thought of getting back into cars for a living?
    good luck for the future
    u could always turn your distictive house into a venue for fetish parties?
    did i just write that ??? .............or was i thinking out loud?
    crazed country rebel

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