I have a part time time job along side my full time job and in the past few years they have given us a small xmas bonus of £50 (pre tax)with our December pay. Although I don't know if they will pay it again this year, if they do is this captured under the 10:50:50 rule usually? I don't have my docs to hand to check and just wondered.
I imagine it probably is which is a pity as would have helped this month as typically just before xmas everything goes wrong... car failed its MOT, followed by toilet leak, shower leak AND gas leak (in just one day!!)!!!!!
Last edited by Lisa.53 on Wed Dec 11, 2013 9:52 am, edited 1 time in total.
I think it's all your's to do what you want with, providing you've declared your part-time job. It's not classed as a windfall if it's under £500 so you don't have to declare it.
Spend it wisely and have a good Xmas.
Hi -- as a work related bonus it will fall under the 10-50/50 rule. It is not a windfall, Stirling.
You will have to check yours is not a straight 50/50 --- some are!
If you get the 10% disregard, you will be able to keep it if your standard monthly income is over £500 (actually less -- as this is based on the gross amount -- and you will get it net of tax).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks foggy, I thought that would be the case but just thought id ask, I have asked my IP also to confirm. I have the 10:50:50 rather than straight 50:50, unfortunately my part time job only brings standard pay of approx £145 per month so pretty much majority of overtime worked and any bonus is firsly eaten by tax and rightly then paid over for IVA, was just hoping to find some additional funds this month due to extra expenses! Nevermind, if I am lucky enough to get a bonus £20 is better than a kick in the teeth!
Surely, another way to look at this is that: You earn £1,740 p/a. Therefore it's only if bonuses etc. FOR THE YEAR exceed £174, that you need to pay any extra?
Regardless, with a run of bad luck and unforseen expenses - all of which are pretty essential, hopefully, your IP will let you keep the lot.
All the best.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
I would have thought it was 10% of your part time and full time employment monthly wage added together which would mean you could keep it maybe you should give your company a ring just to confirm.
If life is what you make it, I must have been in a strange mood when I made mine
for my IVA the 10:50:50 rule is applied to each job individually, not combined (unfortunately), which is a pity - if it was on combined income I could keep more of the overtime that I work, unfortunately as all of the income from my part time job is also taxed at 20% it sometimes feels that for all the extra hours I have worked in recent months haven't helped me a great deal, however I also appreciate that I should be paying all I can into the IVA and so am happy to do that. Just feels on occasion that the work life balance isn't very balanced (my own fault I know) and I don't have much to show for it (apart from the knowledge myself that I am doing my best to repay my creditors I guess!)
Whinge over, I know I put myself in this situation so should hardly moan. Plus plenty worse off in other ways than financially so should count my lucky stars in that respect!
Watch out also if it is paid at a different time to your wages. Mine was paid in December last year, at a separate time to that's months salary, so I added it Decembers salary which still didn't take me over the 10% 50/50. The bonus then in fact appeared on Januarys Payslip which meant it looked like I had been paid that month which took me over my 10% which I didn't realise till my Annual Review. Sorry if I've confused anyone!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by UpToMyNeckInIt
Foggy: Fair point.
Being self-employed though, my iva has the 10/50/50 rule applied annually. Just thought conventionally employed people might be able to do the same.
Although based on a template ( the Protocol) IVA's differ quite a bit from each other. And, being self employed, yours will potentially differ even more from those we mere PAYE mortals enjoy
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
...I suppose mine has to be based annually really, as my IVA firm use my most recent trading year accounts to base my affordability on etc. Even I don't know how much profit I have made definitively, until my accountant has worked through it all.
It just strikes me as a tad unfair, that I could receive a 'bonus' of some description, and this would not be paid over, because my income is variable anyway, and any one-off payment would be lost in the ether of my yearly income. Whereas an employee on a regular, consistent income, has to declare even a relatively small amount, and lose half of it.
As I read my IVA, (and as was verbally confirmed by one of the staff at my IVA firm), theoretically, my payments will not increase until I receive a net 10% increase in my annual take-home (I can but hope!).
As you say, having a 'protocol compliant' IVA, clearly does not always mean 'consistent with others'.
My opinions are just that: Based on my experience and being a self-employed IVA customer.
As I have not spoken to you about this, I assume that you are dealing with a member of my team? Almost certainly you will be able to retain this money, as it will easily fall within your 10% monthly allowance, but do give me a call if you want to discuss this directly with me.
I have emailed Leighton this morning so just waiting to hear back from him but if it is classed the same as overtime I'm afraid it will be captured (if I receive it that is!!) under the 10:50:50 as I have this rule applied to each job of mine not my combined income for the 2 jobs as a whole and it's only ever the part time job where I am able to earn overtime (and who pay a Xmas bonus) so my 10% is significantly lower on the part time job than it would be if it is combined. I will wait to hear from Leighton but I accept that if I am lucky enough to receive the bonus it will only equate to £20 not £50 which like I say is much better than nothing
