Got redundancy April 17 - is tax refund due?

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Scotgirl

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hi, i got redundancy after 12yrs service from my employer in April 17. i got 6 wks for every year. Total redundancy pay was just over 62k. From that l paid 10k in tax, so getting approx 52k lump payment. I have never been made redundant before and there was no pension with the job. I have been advised by friends when l get my P60 i should complete a P21 and l should get most of the 10k tax payment back in a refund ? is this correct ?
 
You could be due tax back but that will depend on your overall income for the 2017 tax year

Did you work for the rest of the year after you were made redundant
 
As DB74 said, the tax back you may get would relate to unclaimed income tax credits.

Your redundancy lump sum is governed by a different set of tax rules and, presuming the calculations were done right, there wouldn't be a way of getting back any of the tax element of this, regardless of your employment status since.
 
rob oyle said:
As DB74 said, the tax back you may get would relate to unclaimed income tax credits.

Your redundancy lump sum is governed by a different set of tax rules and, presuming the calculations were done right, there wouldn't be a way of getting back any of the tax element of this, regardless of your employment status since.
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Not sure of your meaning here Rob, but the taxable element of the redundancy is treated the same as any other income. So if he has no other earnings in the year he will get a refund.
 
thanks for the replies, yes l worked the rest of the year. Started a new full time job 3 weeks later, moved again to another job at the end of July but no break in employment between. I guess all l can do is apply and see if l am due anything?
 
You got €62k. Of this (600 X 2 X 12) + 600 = 15k would have been statutory and tax free.

Thus the balance is 62 - 15 = 47k.

This is taxed (from memory so may be faulty) at average of last 3 years pay X 12/15. I estimate you earned about €34,000 a year so your tax free amount would be c €27k. You can add €10k to this so the balance to be taxed would be 47k - 27k - 10k = €10k.

So if this 10k was taxed you would have paid c €5200 tax so you might be entitled to a refund of 4800.

I'm doing this without any reference, and relying on memory so someone may correct me.
 
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