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  • Tax on Bonus and Salary 2024/2025

    Hi, I have been made redundant and due to receive my lieu of notice and 2023 bonus after 5th of April 2024. My payment in lieu of full notice is £25,974.20 and my bonus payout is £24,106. I am in search of new jobs but didn't find one. I am a high earning individual whose per annum salary usually is above £100,000. In this scenario where I will be job less when both my notice pay and bonus are paid, how I will be taxed? As I will be paid in one go of about £51000, will there be any impact to the tax I will be paying? I opted out my pension plan last year due to personal reasons. Does it make sense in this scenario to opt back into pension plan and contribute some part of Bonus to save tax? I am not quite sure when I have a new job this year and may be I am also planning to take some time off. Appreciate your feedback, will be much helpful. Thank you