do I have to pay proportion of works annual bonus?

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mye

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Post by mye » Thu Jul 31, 2008 12:51 pm
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Hi,
IF I RECEIVE A WORKS ANNUAL BONUS DO I HAVE TO PAY A PROPORTION TO MY IVA COMPANY?
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Lisa2009

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Post by Lisa2009 » Thu Jul 31, 2008 12:52 pm
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I suppose it would all depend on the wording in your proposal. It usually explains about winfalls, bonuses and overtime in there.
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luluj

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Post by luluj » Thu Jul 31, 2008 12:57 pm
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I get to retain the first 10% of my net take home pay and the 50% of the remaining example

Bonus is £315 after tax
Net Take Home pay is £1650 per month = 10% = £165

£315-£165 = £150

Split £150 between you and the IVA = £75 to IVA !
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northumbrian69

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Post by northumbrian69 » Thu Jul 31, 2008 4:22 pm
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I received an annual bonus in April, I had to pay 50% of the net bonus into my IVA, I was allowed to keep the remaining 50% which I put to good use.
I was pleasantly surprised when my IP told me I could keep half, contact your IP for clarification but I believe annual bonuses are classed the same as overtime.
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Kazzy E

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Post by Kazzy E » Thu Jul 31, 2008 5:45 pm
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Hi Mye, welcome to the forum. My IVA has the 50% clause in as well so anything over the 10% we earn on our net pay, we will have to pay 50% of the balance to our IVA. Hope this helps.Kazzy x
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indebtforever

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Post by indebtforever » Fri Aug 01, 2008 9:06 am
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it will tell you in your report what you have to pay but most are 50/50 for bonuses
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mye

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Post by mye » Fri Aug 01, 2008 11:35 am
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Yes ,I have found out from my IVA I will need to pay 50/50 of any bonuses!
Many Thanks All of You!
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