Redundancy: Things You Should Know

Article published on 24th July 2008

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If you receive redundancy pay, anything you get in addition to it can be counted towards your £30,000 tax free limit and will be converted into an equivalent cash value to ascertain by how much this will be the case.

If you are unsure about what counts towards your tax free limit contact your (ex) employer or the Inland Revenue. The same can be said if you need any more information about National Insurance contributions or tax on your redundancy payment or the payments included in your redundancy package.

If you are claiming Jobseeker's Allowance or some other state benefit, give your P45 form to the relevant authorities when you claim from them, and the if you are due any refund you will be paid either when you can finally stop claiming or just after the 5th of April.

If you are not claiming Jobseeker's Allowance, drop by any Inland Revenue Office and ask for a P50 form Claim for income tax repayment. Fill that in along with parts 2 and 3 of your P45 form and then send it back to the Inland Revenue Office and they will inform you if you are due any refunds. Don't be afraid to ask at the office for help with the forms - that's part of the reason they are there and they will be happy to help you.

There are no such things as stupid questions when it comes to filling out forms like these. Leave nothing to chance.

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