yearly reviews

[baz36]

how does it work when its the yearly review and your IP works out if any overtime has been done, do they ask for 50% back in a lump sum right away? or do they do it some other way

[aguise]

Hi Baz
I ring up each month with my overtime and they take an extra payment that way you wont get a big bill at review, they take exactly half of our overtime. Otherwise you should be saving it, but I tyhink itt much better to pay as we go along. Give your ac manager or ip a ring and ask what they think is best.

Ang

[MelanieGiles]

That's great discipline from aguise - I wish you were my client!

In my practice we review this at quarterly intervals to ensure that clients do not get nasty suprises at the end of each year. If this has not happened in your case, and you have earned overtime during the last year, then you will be required to pay over the 50% in a lump sum on the basis that it should have been set aside for such purpose.

Do make sure you let your IP know about any increased expenditure, which firstly must be borne by your 50% share but could impact upon the amount they eventually demand.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi
I must agree with Aguise here and say that it is best to send half of any overtime earned straight to your IP when you get paid it.This way you will avoid the pitfall of spending it only to have to try and pay it back at a later date.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp