Thanks for your question.
Can you advise
1) Whether you have a contractural right ot receive this (is it mentioned in your employment contract that you would be entitled to this amount IF made edudnant) and
2) How is the £23708 made up? ( is it just redudancy or some back pay, pay in lieu, bonus, holiday pay etc etc? )
I can then advise further
my contract does say im entitled to redundancy the payment is made up as follows
statutory redundancy pay=£7903.20
additional pay service pay=£13698.88
payment for notice worked=£2107.52
I have worked for this company for 35 years
Thanks for your response
Then all but the £7903.20 will be liable to tax - (so £15808.40 of it will be taxed as this is not within the tax free remit of redudancy pay and this is because you have a contracural right to receive it the additional pay and the notice worked is always taxable )
However might I advise that I am shocked at how low the statutory amount is as you advise that you woedk there for 35 years - so do work this out with this set of advise of what you should expect
You have the right to:
Just to be sure you are getting the right amount (and the right tax free amount too!)
Your employer should tax the tax free parts for you (usually at 20% and then provide you with details of this redundancy pay along with the tax suffered.
And it may be (if you do not work or claim benefits for the rest of the year) that there could be a small tax refund - due to unused personal tax allowances.
Let me know if you require any further assistance on this matter, but it would be appreciated if you could rate the level of service I have provied, in the meantime. This ensures that Just Answer credit me for my time.