Redundancy is undoubtedly a difficult time during which there are many factors which need to be taken in to consideration. Last time we looked at Knowing Your Rights which should have provided you with most of the basic information you need to secure a redundancy package should you need it. In this follow on article we will offer you some hopefully helpful advice when it comes to taking care of the financial aspects of redundancy.
At no time is it more important to take care of your finances than when your employment status is unsure. There are a number of key areas which we will look at in turn. We will explore what to do if your find redundancy has a massive negative impact on your finances or if you are fortunate enough to receive a large redundancy package.
You wouldn’t be alone to find yourself struggling on the redundancy package you receive. It is not uncommon for your redundancy pay to only cover you for a matter of weeks rather than months. The most important thing is not to panic; there are a number of steps you can take which can protect you from slipping into dept while you find another job:
Upon leaving owing to redundancy here are some additional factors which might want to consider if relevant to you.
These are meant as a guideline only and if you would like further advice speak to a professional (you can find some useful numbers in the resources boxes at the bottom of this page)
If you are fortunate enough to receive a large redundancy package it is vital to know the implications and how maximize your money. This is of particular importance for higher-rate taxpayers as only the first £30,000 of any payment is tax-free. Anything in excess of this figure is taxed at your highest rate so if you are still on your employer's payroll then full PAYE deductions will be made on payments over £30,000. However, if this money is paid after you have left the company and have received your P45, then only 20 per cent tax will be deducted immediately.
You will be required to account for the additional tax in your annual tax return, but this will not have to be made for another year, thus providing you with a temporary cash flow advantage in the interim.
If you leave with a considerable amount of money it is important to take care of it wisely. It would be advisable to consult an Accountant for a full analysis of your individual situation (see the resource box below for helpful numbers) but here is a suggestion of what you might like to do in the mean time.
For more advice on what to do regarding the financial aspects of redundancy you may find the following numbers helpful:
The following organisations are based in, or near to Crawley and may be able to help you with some of the issues discussed in this article - we hope you find them to be useful.
If you contact any of these organisations, please mention that you found their details on AllCrawleyJobs.com - thank you.
Could you help our visitors? To have your organisation listed here (for free) - please send us a message
Much of the advice on our website has been kindly provided by local companies and organisations for which we are very grateful - could you offer some advice to our visitors in return for some free coverage on our website? If so please get in touch here as we'd love to hear from you.
We work with experts in and around our local area to provide useful information relating to careers advice - we hope you will find these articles to be helpful. You can view our news news archive here
Once your redundancy is dealt with and any retraining has been undertaken you will probably need to find a new job. This can seem daunting, particularly if you have not had to look for a newread more
When we hear the word 'redundancy' it is natural to think of the impact that it will have on the person being made redundant with out regard for the difficulties inflicted upon the employerread more
Do you know the tax implications of receiving a redundancy package and how to avoid paying unnecessary tax? If you are going to find yourself struggling financially do you know how to lessenread more
Do you know what redundancy package you are likely to receive? Do you know what the government stipulated minimum package is? As well as detailing the legal and financial aspects we willread more
Do you feel like you’ve lost your identity and can’t stop feeling negative? It is not only the practicalities of redundancy that need to be addressed. Redundancy can also have a massiveread more
We've been asking local employers for tips on what to do in an interview – and, of course, what not to do! Here are our top 10 not to do in that all-important job interview.read more
Have you thought about a new career or improving upon the skills you currently have? In this article we will offers tips and advice on increasing your 'employability' through courses andread more
It's too easy to start looking in the job section of the paper and applying for everything that has an attractive salary, car or any other perks, before falling into this trap, be reallyread more
When attending interviews it's always good to be up to date with what's happening in the local business and employment sector - we hope you'll find these selected news articles interesting
<font face="Arial, sans-serif"><font size="2">With so many job seekers applying for any one job in today's economic climate, it's good to have an understanding of what happens to your application once you've pressed the 'send' button.</font></font> ..read more
Your covering letter may well be the first thing potential employers see. It provides additional information on your skills, knowledge and experience and gives you the opportunity to highlight why you're the right applicant for ..read more
A planning application has been entered with a bid to to create a purpose-built Make Ready Centre and regional Hazardous Area Response Team Unit (HART) to be based in Crawley. If permission is granted, the new building will ..read more
In today’s struggling economic climate it’s not uncommon for companies to take on interns, many of whom are unpaid or given a low wage. Often interns work full time hours, and although the training on offer is essential for ..read more
Crawley sits in a excellent location in the South East of the UK, with fantastic transport links into London and the seaside town of Brighton just a short trip away. Crawley has been developed over the years and is now renowned ..read more
Well known pizza chain is told to pay its employees more
Shares with Australian giant Qantas plummet
Job losses are feared by staff in Crawley as Barratts goes into administration
Crawley shopping centre is set to get two brand new stores, creating new jobs for locals
What questions should you ask at a job interview?
Simple CV mistakes could cost you your dream job
Who are Crawley's biggest employers, and where are all the jobs?
West Sussex businesses are encouraged to take on more apprentices
Barclays bank announces over 1500 job losses
Virgin Holidays to create 100 new jobs in Crawley
A second runway at Gatwick would create 19,000 new jobs
Employers in Crawley invited to help get ex-offenders back into work.
College Job Shop Open Evening in Crawley
Refused houses to be built just south of Crawley
Benefit reform is essential for economy says Crawley Council Leader
Crawley’s unemployment higher than national average, says census
Crawley Town's new owner must have enough capital to take the club to the next level
Crawley Borough Council Job share will save £50,000
Tax centre jobs under threat in Crawley
At least two people applying for every job in Reigate and Banstead
What not to do in your Crawley job interview
Top 4 questions asked at job interviews for Crawley job seekers
Interview Tips to help you get that perfect job in Crawley
The Recruitment Process to Fill your Crawley Job
How can you find the right Crawley job for you?
What is different about looking for jobs today in Crawley compared to 10 years ago
Covering Letter hints and tips for when applying for jobs in Crawley
Looking for a second job in Crawley?
Central Sussex College / Crawley College
Information on local newspapers covering Crawley
Example CV for people applying for jobs in Crawley
CV Tips for landing that perfect job in Crawley
Having no job can be stressful and can often leave you feeling a little empty and insignificant. But never fear, John Fry offers a few hints, tips and words of advice for emotionallyread more
If you're facing a telephone interview then this very useful article gives some excellent hints and tips on how to perform to the best of your ability and make a great impression over theread more