Tax Rebates & Refunds

Claim tax back when redundancy beats retirement to the post

February 2, 2012
Posted in Tax Rebates — Written by Chris

It can be a source of incredible frustration to be made redundant before you are ready. If you are nearing the end of your career then it is likely that you are making plans for your retirement. But these plans are almost certain to take into the last few months of work you have ahead of you.

Budgeting with these in mind makes sense, but your plans could go awry if you are made redundant before being given the chance to retire at the time most suitable for yourself. When this happens, you are bound to have to re-evaluate those initial plans you made in terms of your retirement.

It may mean that you need to enjoy a few lean months before you can properly settle into your retirement or put any of those plans into action. However, being made redundant often means that you are owed some money in tax.

Tax refunds are often generated because people do not complete an entire year in full time employment. Tax codes are worked out based on a full year so there is usually a discrepancy when redundancy rears its head. Check your entitlement to make those lean months easier.

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