It is often said that a recession is when your next door neigbour loses his job, a depression is when you lose your job.
Today was that day.... I received my P45 for you non Brits out there this is a summary of your pay to date. Ideally it shows your gross pay and your net pay for the purposes of giving it to your next employer so that they can work out how much tax to deduct of you when you start working.
P45s are in 3 pieces for this purpose, one which you keep for your records, one which can be goven to HMRC so you can claim back any tax in the unfortunate case of not being able to find a job shortly. The other one is to be given to your next employer.
At the very least I was given a week of pay for severance purposes, but you know its bad when you are given marching orders in the middle of the busiest period of the year for accountants.
Anybody want to hire an ACCA qualified accountant?
