Discussion
Yes. Expect a letter in the post from HMRC around October \ November time usually saying "hey...you paid to much and according to use we owe you £xxxx" - it can also work the other way around. Just sit tight and the letter will eventually come through - the financial year has to end first.
I was made redundant in June 2012, and did not work before the new tax year.
This is what happened.
Tax man sent a letter saying I needed to register for self assessment, (this will take a month or so)
then filled out self assessment for the 2012/2013 after the new tax years started.
Got a nice big refund a week or so after the self assessment was filed.
Easy enough but had to wait a while.
This is what happened.
Tax man sent a letter saying I needed to register for self assessment, (this will take a month or so)
then filled out self assessment for the 2012/2013 after the new tax years started.
Got a nice big refund a week or so after the self assessment was filed.
Easy enough but had to wait a while.
EarlOfHazard said:
Was made redundant back in June '19, haven't worked since (not claiming anything, but it was a very decent payoff).
Will i be due a tax rebate on my earnings as I've effectively earnt a lot less than if I'd been working the whole year.
Depends on how your redundancy was paid. Some of it may have an impact on your tax. (Certainly did when I last got made redundant, although it was a long time ago) Will i be due a tax rebate on my earnings as I've effectively earnt a lot less than if I'd been working the whole year.
Drumroll said:
EarlOfHazard said:
Was made redundant back in June '19, haven't worked since (not claiming anything, but it was a very decent payoff).
Will i be due a tax rebate on my earnings as I've effectively earnt a lot less than if I'd been working the whole year.
Depends on how your redundancy was paid. Some of it may have an impact on your tax. (Certainly did when I last got made redundant, although it was a long time ago) Will i be due a tax rebate on my earnings as I've effectively earnt a lot less than if I'd been working the whole year.
Countdown said:
It only has an impact if it's more than £30k. if it is then anything over and above will be taxable/NI'able at your marginal rate
Pretty much this. You should have received a letter showing the terms of your redundancy: The first £30k is tax free BUT payment is lieu of notice (PILON) is subject to tax as it’s considered salary. So if you are on 3m notice for example you may be put on gardening leave or asked to work it: You pay it ax on this, same goes for any other employment benefits like car allowance etc: The compensation for actually being made redundant is tax free up to 30kwormus said:
Pretty much this. You should have received a letter showing the terms of your redundancy: The first £30k is tax free BUT payment is lieu of notice (PILON) is subject to tax as it’s considered salary. So if you are on 3m notice for example you may be put on gardening leave or asked to work it: You pay it ax on this, same goes for any other employment benefits like car allowance etc: The compensation for actually being made redundant is tax free up to 30k
Yes looking back part of my money was taxed due to PILON.I was "let go" at the end of January 2019. I was on PAYE.
I wasn't sure how to go about getting a tax rebate, or even if I was eligible, but eventually out of the blue HMRC wrote to me saying I was eligible for a tax rebate. I got about £150 back so not great deal. In the same week I got hit with a speed awareness course. The government give and the government taketh away.
I wasn't sure how to go about getting a tax rebate, or even if I was eligible, but eventually out of the blue HMRC wrote to me saying I was eligible for a tax rebate. I got about £150 back so not great deal. In the same week I got hit with a speed awareness course. The government give and the government taketh away.
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