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You’ll pay tax and National Insurance on £2,000 of your severance payment. You do not pay tax on the remaining £13,000 of your total payment as it is under £30,000.
Apr 5, 2024 · Your total redundancy package is £35,000, so you'll pay tax on £5,000. The £4,000 in holiday pay and bonus counts as income, and will also be taxed. You can use our Income tax calculator 2023-24 to work out how much tax you'll pay on your total income.
Redundancy pay is treated differently to income – and up to £30,000 of it is tax free. But, some other parts of your redundancy package, such as holiday pay and pay in lieu of notice, will be taxed in the same way as regular income.
Redundancies, dismissals and disciplinaries. Calculate how much statutory redundancy you can get based on age, weekly pay and number of years in the job.
See how much severance you could be entitled to! Please indicate which one of the following roles applies to you.
Apr 4, 2024 · In this post, we will define severance pay and redundancy pay, the differences between them, who is entitled and how it works. We will also discuss some of the laws surrounding severance payment packages in the UK, and how to calculate an employee’s severance pay.
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What is severance pay & statutory redundancy pay?
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Our statutory redundancy calculator will not give you a figure for notice pay, so it’s up to you to get this right. How much redundancy pay they receive is dependent on the length of the statutory notice period. Taxable payments. Any redundancy payments you make to staff under £30,000 are tax-free.
