Do you pay a lot of tax on redundancy money?
Answers: hi,
You will have to get up to date information from a financial advisor, however last time I enquired the first £30,000 is tax free then the tax paid is worked out on your income for the financial year you were made redundant, eg if you were made redundant on April 1st that would be the start of a new financial year, you would pay the standard rate of tax up until around £37,000 (give or take your personal alllowance) then you pay 'supertax' which is around 40p in the pound. If you are made redundant say in October, you would add the redundancy payment onto the income you have already earned that year if this takes you over an income of £37,000 you would pay the 'supertax' straight away. Hope this helps
The first £30000 is tax free. You pay tax on any amount over that, at whatever the top rate of tax is that the payment takes you into. Could be 22% or 40% The payment is taxed on a "receipts basis", in the tax year when you receive the money.
In reality what are all the taxes in uk?
Answers: http://www.hmrc.gov.uk/rates/
A Great British Fiddle
Can someone please tell me where to find out how our taxes are spent?
Answers: The federal budget details how the Government spends our money. Tables showing the 2008 President's budget is at the link below.
they pay federal employees, maintained federal property, gave money to military, anything you can think of that is government related...taxes pay for basically.