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 Devon 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 AllDevonJobs.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
It can seem hard to get a job that fits in with your life commitments. We are aware that 9 to 5 from Monday to Friday will not suit everyone. In fact, statistics demonstrate that the number of employees working over 45 hours a week is in decline. It is not unusual for people to need hours which fit around personal factors including childcare. If you’re seeking a part time job in townname what are some common sectors to find flexible hours and how can sitename help you find a part time job in townname? Common Part Time Jobs in Townname Part time jobs in townname are available in all sectors but experience has shown that certain sectors frequently have a greater number of flexible openings than others, particularly when you require a part time job with lesser experience needed. Here are some sectors that we recommend that you might want to look at: Customer Services It is not uncommon for companies to require flexible ..read more
Nursing and care is one of the principle industries in Devon with a number of hospitals and hundreds of care homes and care establishments in this area. All of these facilities need staffing but how can you set about searching ..read more
As well as preparing for what you should do on a job interview, whether it's a part time job in Devon or that exciting next step on the career ladder, it is just as key that you know ..read more
1. Describe your strengths It is almost guaranteed that on most Devon job interviews you will be asked what you think your areas of strength are (and sometimes what you think your weaknesses / ..read more
AllDevonJobs is custom made to assist people find jobs in Devon or to find jobs near Devon. With the job market now more competitive than ever before, you need to give ..read more
The Recruitment Process to Fill your Devon Job
How can you find the right Devon job for you?
What is different about looking for jobs today in Devon compared to 10 years ago
Covering Letter hints and tips for when applying for jobs in Devon
Looking for a second job in Devon?
The University of Exeter / Exeter College / South Devon College
Information on local newspapers covering Devon
Example CV for people applying for jobs in Devon
CV Tips for landing that perfect job in Devon
When visiting this website your top priority maybe to get a job, any job, to try and sustain the lifestyle you have become accustomed to or the one that you think you want for yourself,read more
Doing things because we should do, ought to or must do can make life a chore and we can become a victim of our circumstances. Lacking purpose can sap our drive and energy. While you areread more