Income Tax Increase In Personal Allowance

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Jaytee

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Post by Jaytee » Wed Oct 22, 2008 11:27 pm
Hi

I have just had an IVA plan accepted by my creditors, based on my regular monthly income up to August, but from this month I now have £10 more monthly net pay due to the increase in personal allowance announced by the chancellor. I have been told by the IP that there will be regular reviews of my payslips and bank statements, so am I right to assume that this extra monthly £10 will all go into the IVA pot?. Many thanks.
 
 

james.c

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Post by james.c » Wed Oct 22, 2008 11:34 pm
basically i would not worry about it. After all £10 a month split between your creditors minus IP fees, their would be nothing left really and what was left it would be next to nothing for creditors
 
 

David Mond

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Post by David Mond » Thu Oct 23, 2008 12:11 am
I agree and with cost of living rises the 10 quid would soon vanish.
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.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Oct 23, 2008 12:40 am
Any IPs who are taking an extra £10 off their clients at the moment as a result of the recent tax code changes want shooting!! This is money that was taken off us in April and they are just now giving it back!
Regards, Melanie Giles, Insolvency Practitioner
 
 

David Mond

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Post by David Mond » Thu Oct 23, 2008 12:43 am
Shooting is too good and too quick for them - why not hung drawn and quartered?
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.
 
 

MelanieGiles

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Post by MelanieGiles » Thu Oct 23, 2008 12:47 am
You Northerners are very bloodthirsty! I remember what you did to William Wallace!! (And no jokes about how old I am!!)
Regards, Melanie Giles, Insolvency Practitioner
 
 

David Mond

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Post by David Mond » Thu Oct 23, 2008 12:50 am
However I was educated down south in Wallingford!
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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