Money Talks: I've been made redundant - what now?

When faced with losing your job, there are a few things you can do to smooth the financial way, writes Carol Brick

Money Talks: Redundancy is not something that any of us expect to face and it is wise to gather as much information as you can at this stage so that you can be in the best possible position both financially and emotionally in order to weather this storm.

I have just learned that I am to be made redundant, which is no surprise as the company I am working for was badly by the pandemic. 

I have been informed that I will be paid only the Statutory Redundancy Payment with no top up as the company is in trouble financially – is there tax payable on this payment and have you any other advice from a financial point of view for somebody facing imminent redundancy?