O
oraman
Guest
Hello everyone.
I am considering taking V redundancy.
I started working for this company on lets say the 1/7/97.
So as of 1/7/06 I will have 9 year continuos service.
They have calculated/estimated my exgracia payment for 8 years and my statuatory for 9. Exgracia is for complete years of service they are telling me. I am only six weeks off 9 years.
They are giving me a payment for 8 weeks in lieu of notice.
Basically if I say yes, they will give me an end date of I am sure of sometime next week. They are calcualting the figures based on the end date. This is happening fast.
My questions to you all is the following
1 If I arrange my end date to be lets say 5/7/06 does that mean I will be entitled to the 9 years. I will be working up until then if I arrange this. There is a role I can take that will allow this end date to be reality.
2 Would it more tax efficient to take the payment in lieu of notice. Can I be taxed on this amount. As it is not money I am earning it is money I am being given without having to work for it it is taxable.
Any opinions on this would be great. Any suggestions would be great also..
Basically I am trying to weigh up should I hold out for nine years or should I take 8 and the 8 weeks in lieu of notice.
I am considering taking V redundancy.
I started working for this company on lets say the 1/7/97.
So as of 1/7/06 I will have 9 year continuos service.
They have calculated/estimated my exgracia payment for 8 years and my statuatory for 9. Exgracia is for complete years of service they are telling me. I am only six weeks off 9 years.
They are giving me a payment for 8 weeks in lieu of notice.
Basically if I say yes, they will give me an end date of I am sure of sometime next week. They are calcualting the figures based on the end date. This is happening fast.
My questions to you all is the following
1 If I arrange my end date to be lets say 5/7/06 does that mean I will be entitled to the 9 years. I will be working up until then if I arrange this. There is a role I can take that will allow this end date to be reality.
2 Would it more tax efficient to take the payment in lieu of notice. Can I be taxed on this amount. As it is not money I am earning it is money I am being given without having to work for it it is taxable.
Any opinions on this would be great. Any suggestions would be great also..
Basically I am trying to weigh up should I hold out for nine years or should I take 8 and the 8 weeks in lieu of notice.