We’re introducing a redundancy section to our website to help explain a difficult and stressful topic. We will of course be focussing on Tax issues associated with Redundancy, but will look at other parts also.
Firstly, we would like to introduce an overview of Redundancy and Tax. Redundancy taxation is usually presented in a big pile on our plate, but we can break it down a bit to help understand it better. This is shown as a graphic below, with the main pieces + one slice being:
- Statutory redundancy amount
- Revenue Exempt redundancy payments
- Taxable amounts (including Top Slicing Relief)
More about Redundancy
You can also find the Redundancy Overview here. We will be adding further articles to our redundancy section going forward.
John
Red Oak Tax Refunds
[...] Introduction to Redundancy and Tax [...]
[...] Introduction to Redundancy and Tax [...]
[...] Introduction to Redundancy and Tax [...]
If you are made redundant at the start of a year, what is the situation regarding your tax credits?
For example a husband and wife working, wife is made redundant, are they as a couple still entitled to earn the extra amount at 20%? Are both still entitled to PAYE Credit?
Thanks