Very quick question: overtime

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Jefferson

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Post by Jefferson » Wed Mar 20, 2013 4:20 pm
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Hello. I occasionally receive overtime payments as a lump sum (six months overtime paid at once). When spread over the six months, the amount I earn does not take me over my 10% threshold. Do I have to pay the 10+50/50 rule for this - not technically a lump sum but paid as such?

Many thanks, J
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Foggy

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Post by Foggy » Wed Mar 20, 2013 4:42 pm
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Hi -- the overtime, if paid in a lump will still come under the 10% 50/50 rule, but, if it was paid monthly you would have to hand over less to the IVA, as you would get the 10% deminimis every month. On a 6 month lump you will only get the 10% once :-(
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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OnTheUp1976

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Post by OnTheUp1976 » Wed Mar 20, 2013 4:49 pm
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How unfortunate its paid this way :(
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MelanieGiles

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Post by MelanieGiles » Wed Mar 20, 2013 10:15 pm
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Why can't your employer pay you monthly, as is the norm with most employers? Is there anything in your contract of employment which covers the timing of payments?
Regards, Melanie Giles, Insolvency Practitioner
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