Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

Being offered voluntary redundancy

16 replies

CountessDracula · 15/11/2006 19:38

Am VERY pleased

Is there any benefit to waiting and being made redundant as opposed to taking voluntary redundancy?

I have not been at the company 2 years (well I have but was self employed for the first while) but am on 3 months notice which they will pay me without having to work. With the bonus they owe me and have agreed to pay I should end up with 7 months salary so that seems good. Sadly have to pay tax on it as it is not statutory.

OP posts:
Original poster
CountessDracula · 15/11/2006 19:40

oh shit I might have to do more cleaning

Am not pleased all of a sudden

OP posts:
Norash · 15/11/2006 19:41

I think it's better to jump than wait to be pushed. At least this way you get to negotiate terms.

Good on you.

jampots · 15/11/2006 19:52

I believe the first £30k is tax free CD . My dh took his VR in August and opted to have anything over £30k paid as a taxable monthly income.

Original poster
CountessDracula · 15/11/2006 19:56

Sadly it isn't because it is just in lieu of notice, which is taxable. (unless someone can tell me otherwise!)

OP posts:
jampots · 15/11/2006 20:14

ah sorry then.

saggarmakersbottomknocker · 15/11/2006 20:17

I took voluntary redundancy CD - I'd wanted to go for ages so bit their hand off Plus the voluntary redundancy package was loads better than any compulsory hich would have been offered later. That is usually the case IME.

foxinsocks · 15/11/2006 20:22

my tax knowledge is rusty but I'm pretty sure you can't get around paying tax on the pay in lieu of notice (as it relates to your employment contract). The bonus will also prob be taxable - can you not get them to pay you a redundancy pay-off (non taxable up to £30k) rather than a bonus (unless the bonus is written in as part of your contract in which case I guess they will feel they have to pay you that way)?

firsttimemama · 15/11/2006 20:36

Agree, you'll have to pay Tax &NI as pay in lieu of notice.

Original poster
CountessDracula · 15/11/2006 21:08

good idea re bonus I will ask them

OP posts:
Original poster
CountessDracula · 15/11/2006 22:13

I take it I am free to get a new job at any time

OP posts:
Original poster
CountessDracula · 15/11/2006 22:15

hmm the Count is not as unequivocally happy as I am, oddly

OP posts:
Heathcliffscathy · 15/11/2006 22:32

oh wow!

erm.... this is very good non?

beckybrastraps · 15/11/2006 22:34

Dh started a new job pretty soon after taking a similar package, so I can't see that that would be an issue.

Hurrah I say!

TheHighwayCod · 15/11/2006 22:35

oh face it cd you have benn botoed out fo hsggin in stock cupboard
" viliuntary reduncancy" pshaw

Original poster
CountessDracula · 15/11/2006 23:09

oh god cod has found me out

OP posts:
chai18 · 16/11/2006 15:40

Terms of emp. contract in some cases can be reworded prior to redundancy to avoid tax. Seek prof. advice.

New posts on this thread. Refresh page