I have been given a small bonus from work as a well done for completing probation. I don't know how much its going to be as I know the tax man will take his share. Shall I let me advisor know once I know exactly how much I have been paid or do I wait until my review in october
Our paperwork stated that any bonuses etc after the 10/50/50 rule was used, had to be paid over to the IP within 14 days upon receipt of payment.
I have always called when I have known about additional funds just to check this, as I have read many times on here that people have been sometimes in breech for failure to pay over additional funds as stipulated.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
Simplest thing in that situation is just set aside 50% after tax and send it to them.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
In my terms it says I have to declare and pay it within 14 days. I quite regularly get bonuses with work. I generally phone my IP on payday to inform them and pay it there and then and get them to double check the figure so it matches what I have. I then make a not in my diary to cover myself.
I would phone them on Tuesday and make them aware of it. No harm in checking.
Keep the waters clear so to speak.
Currently in an IVA. Not a Financial Professional, any comments expressed are just my opinion.
Check your paperwork. Usually overtime and bonus payments are covered by the 10% 50 50 rule and are to be paid within 14 days of getting the money. Permanent payrises are usually dealt with at review and 50% of the net increase added to your payment thereafter
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My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
