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Hi I'm due to be made redundant in February this year and I will be receiving a package that includes PILON and redundancy pay that amounts to £48000, the way I understand it, I will pay tax on everything over £30000, part at 22% and part at 40% as I will go over the £34800 threshold for the 40% rate.

As my PILON is for 4 months pay, could I offset some of the tax for the months that I would have been worked during the 2009/2010 tax year?

Also I plan to pay for myself to be retrained during 2009/2010, am able to claim tax relief for any of the costs?

Cheers

Submitted: 297 days and 22 hours ago.

Category: UK Tax

Value: $18

Status: CLOSED

Liverpool, United Kingdom

Posted by Smith Jones 297 days and 21 hours ago.

Answer

Hi,

No, you cannot set off the PILON monies for the 4 months from your allowance for the year 2009/2010.

You will also find it difficult to claim tax relief for retraining if you are paying for it yourself and not specifically being paid to retrain.

All the best

297 days and 20 hours ago.

Reply

Hi, thanks for the reply, just one more question, what are the tax implications if my last day is in the current tax year, but I am not paid until the next tax year?

cheers

Accepted Answer

You should really be paying for further questions.

If the tax was incurred in the current year, it will be payable for that period only, not the date you were actually paid.

Accepts:
Expert:	Smith Jones
Pos. Feedback:	100.0 %
Answered:	1/29/2009

Bookkeeper

3 years Tax law experience

Posted by Smith Jones 297 days and 19 hours ago.

Answer

All the best

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Liverpool, United Kingdom

Answer

Hi,

No, you cannot set off the PILON monies for the 4 months from your allowance for the year 2009/2010.

You will also find it difficult to claim tax relief for retraining if you are paying for it yourself and not specifically being paid to retrain.

All the best

Reply

Hi, thanks for the reply, just one more question, what are the tax implications if my last day is in the current tax year, but I am not paid until the next tax year?

cheers

Accepted Answer

You should really be paying for further questions.

If the tax was incurred in the current year, it will be payable for that period only, not the date you were actually paid.

Answer

All the best

UK Tax

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Liverpool, United Kingdom

Answer

Hi, No, you cannot set off the PILON monies for the 4 months from your allowance for the year 2009/2010. You will also find it difficult to claim tax relief for retraining if you are paying for it yourself and not specifically being paid to retrain. All the best

Reply

Hi, thanks for the reply, just one more question, what are the tax implications if my last day is in the current tax year, but I am not paid until the next tax year? cheers

Accepted Answer

You should really be paying for further questions. If the tax was incurred in the current year, it will be payable for that period only, not the date you were actually paid.

Answer

All the best

Related UK Tax Questions

Hi,

No, you cannot set off the PILON monies for the 4 months from your allowance for the year 2009/2010.

You will also find it difficult to claim tax relief for retraining if you are paying for it yourself and not specifically being paid to retrain.

All the best

Hi, thanks for the reply, just one more question, what are the tax implications if my last day is in the current tax year, but I am not paid until the next tax year?

cheers

You should really be paying for further questions.

If the tax was incurred in the current year, it will be payable for that period only, not the date you were actually paid.