Gifts and Prizes

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andrewgoodman121

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Post by andrewgoodman121 » Fri Dec 19, 2008 11:40 pm
[:)]

What happens when you are presented at work with a reward or gift that is a cash prize of £150 with a bottle of champagne and a fancy certificate. The cash prize was incorporated into my wages do i have to hand over 50% of it.

I did a load of O/T last month and i am more than alright to hand over half of that plus my normal payment.

Also it was my Birthday Last Month and i got £90 given to me in cash in my Birthday Cards do i have to hand over half of that as well.
 
 

Lisa2009

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Post by Lisa2009 » Fri Dec 19, 2008 11:43 pm
Your birthday money will be yours to keep i would imagine. As for the prize from work, i would discuss that one with your own IP just to be on the safe side.

Congratulations by the way
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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andrewgoodman121

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Post by andrewgoodman121 » Fri Dec 19, 2008 11:49 pm
i mean the prize gift from work shows up on my wage slip as a Service Leader Award Prize as i could of had vouchers instead, but they decided to put it into my wages instead
 
 

Lisa2009

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Post by Lisa2009 » Fri Dec 19, 2008 11:53 pm
It would be great if you were allowed to keep it. It is a gift for hard work afterall.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


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andrewgoodman121

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Post by andrewgoodman121 » Sat Dec 20, 2008 12:02 am
i know.
The thing is i did 22 hours of O/T and i am handing over 50% of that on top of my Normal monthly installment.

i have not missed any payments at all so far and have handed over 50% of overtime on some months i did it last year.

Seeing as it is Christmas and the cost of living is beyond a joke i think it we all need as much money as we can get
 
 

Lisa2009

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Post by Lisa2009 » Sat Dec 20, 2008 12:04 am
I agree, lets hope your IP does too hey?
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MelanieGiles

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Post by MelanieGiles » Sat Dec 20, 2008 10:55 am
I am sure that your IP will view this sympathetically Andrew - an e-mail to her directly will set your mind at rest!!
Regards, Melanie Giles, Insolvency Practitioner
 
 

Skippy

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Post by Skippy » Sat Dec 20, 2008 11:28 am
To be honest it never even occurred to me to mention the money I got at Christmas or birthday!

Well done for winning the prize!
 
 

liberta

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Post by liberta » Sat Dec 20, 2008 12:49 pm
I would not generally consider a birthday or christmas present as a windfall unless it was a significant cash sum of over £500.

A prize however is.

Andrew, if it clearly states on your payslip that it is a prize then it should not be counted as overtime or additional income but will be caught by your windfall clause as a prize (in the same way as a win on the lottery will). Check your proposals and chairman's report as to what quantum has to be declared to your Supervisor. There is normally a lower limit of £500 which means that it will be exempt and you can keep it all.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.

If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
 
 

David Mond

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Post by David Mond » Sun Dec 21, 2008 4:36 pm
Melanie - how did you know that the IP was female?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
 
 

Viki.W

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Post by Viki.W » Sun Dec 21, 2008 4:41 pm
I'm pretty sure Andrew is a client of Melanie's David.
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David Mond

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Post by David Mond » Sun Dec 21, 2008 4:43 pm
Ahhhhhhhhhhhhhh. That answers it. Ta
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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