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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am due to take voluntary redundancy on March 31st 2014. I

Resolved Question:

I am due to take voluntary redundancy on March 31st 2014. I get paid on 15th April 2014. Will my tax be calculated on 2013 -2014 or 2014 - 2015.
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

If your leaving date is 31 Mar 2014 then your tax should be calculated on earnings including redundancy in the tax year 2013-14.

More information on PAYE tax and NIcs on one-off payments(including redundancy) can be found here

http://www.hmrc.gov.uk/payerti/employee/employee-leaves.htm#4


I hope this is helpful and answers your question.


If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.


Customer: replied 3 years ago.
Do I get taxed on my works pension
Expert:  taxadvisor.uk replied 3 years ago.
Thank you for your reply.

Works pension is taxable income and so is state pension although the latter is paid gross.

I hope this is helpful and answers your question.
Customer: replied 3 years ago.
Would I be taxed at source for my works pension and my lump sum or would I have to fill out tax returns ?
Expert:  taxadvisor.uk replied 3 years ago.
Your pension provider would tax your pension at source.
Your employer would tax your lump sum payment at source if any tax is payable

If you are filing a tax return then you will continue to do that unless HMRC decide otherwise.

If you don't complete a tax return at present, more information on "do i need to complete a tax return" can be found here

http://www.hmrc.gov.uk/sa/need-tax-return.htm


I hope this is helpful and answers your question.


If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.



Customer: replied 3 years ago.
Thank you
Do my employers gain by me finishing on March 31st. I did say I would like to finish 2nd week in April.
Can I stipulate when I go or do I have to accept their date? I was told that their financial year starts on April 1st.
Expert:  taxadvisor.uk replied 3 years ago.
To be honest, it may be good to clear the desk at 31 Mar 2014. The company may have their reasons to reduce headcount by the year end.

Technically, you can walk out the day you are told your job is redundant.

I hope this is helpful.
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