Tax Rebates & Refunds

Tax refunds when redundancy brings forward your retirement

October 23, 2011
Posted in Tax Rebates — Written by Chris

If you have come to the end of your career and you are looking forward to your retirement, then the current economic situation that a lot of companies are presently finding themselves in might actually hurry things along more quickly than you had originally hoped.

Lots of companies are issuing redundancy packages to the members of staff they feel able to let go and this often means starting with those whose retirement is looming large. If you are offered a redundancy package then it could be difficult to turn down, but it may come a couple of years ahead of your plans.

In this situation, you obviously need to way up your financial circumstances. It could still turn out that taking the redundancy is the best option, but you may have to pull your belt in in order to make up for the shortfall in salary that will come as a result of finishing work before you had planned to.

Tax rebates can help in the immediate interim period. Tax refunds are often available to those who finish working full time without completing the current financial year because the tax payments made may add up to more than they should.

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