10% RULE

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JMW1969

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Post by JMW1969 » Thu Sep 23, 2010 9:08 pm
Hi
My Ip has instructed that I am allowed to keep 10% of overtime from ny basic job as nurse but over this is divided 50/50. I understand this but thought if I did bank work via an agency that this amount as a second job could be added into the 10% before the 50/50 applied.
I have now been told that all agency work is 50/50 over and above the basic salary? is this usual?
 
 

kallis3

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Post by kallis3 » Thu Sep 23, 2010 9:13 pm
I think they may be right there - this isn't overtime, it is extra income from another job.

Hopefully one of the experts will be along to advise further.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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JMW1969

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Post by JMW1969 » Thu Sep 23, 2010 9:18 pm
Thanks
i was hoping to earn a little extra before the 50/50 but so be it- after all ive been looking for a good reason not to work lots of extras as i have been doing this for last5 yrs- to only receive half the pay for a 10 hr night shift is good enough reason for me![:)]
 
 

Broke of London

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Post by Broke of London » Thu Sep 23, 2010 9:19 pm
Hi JMW, what's bank work?

If the work is being done under a separate contract, I would have thought it would be classed as a second job.

A 50/50 split is pretty good for a second job...some people have to hand the lot over under the terms of their agreement.

I haven't hard of the 10/50/50 rule applying to second jobs, but I've only been in the the forum for a couple of weeks.
 
 

kallis3

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Post by kallis3 » Thu Sep 23, 2010 9:24 pm
I believe it's just extra work via an agency.

I think it may be 50/50 but something to sort out with your IP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

JMW1969

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Post by JMW1969 » Thu Sep 23, 2010 9:26 pm
Hi Broke
The rule i think is that the amount of basic salary can be supplemented with overtime or bonus- you can keep 10% of your net pay so if you earn 1000 and get overtime of 120 you keep first 100 which is 10% of your salary and then divide remaining £20 50/50 between yourself and iva.
my bank work is a separate contract with a nursing agency with separate payslip and pay so as a second job this i imagine is split 50/50- its not bad as i get 150 per saturdaty night so would keep 75 but now in iva the aim is to spend more time with family- ive worked almost every sunday for past 5 yrs struggling with debt!
sorry about your car!
 
 

JMW1969

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Post by JMW1969 » Thu Sep 23, 2010 9:30 pm
sorry broke-reread your post and realise you know th 10/50/50 rule.[:)]
 
 

Broke of London

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Post by Broke of London » Thu Sep 23, 2010 9:36 pm
All this business makes you realise money isn't everything doesn't it! Spending more time with your family sounds like a great idea. You definitely deserve your weekends to yourself after 5 years of Sundays!
 
 

JMW1969

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Post by JMW1969 » Thu Sep 23, 2010 9:40 pm
I agree , i have a few more booked in then its stop for me- actually spending a whole weekend at home- have a partner and 6 yr old son, just seems like a luxury! want to make sure th ip gets their share right so dont mess it up !
 
 

MelanieGiles

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Post by MelanieGiles » Thu Sep 23, 2010 11:39 pm
50/50 sounds correct to me - and at least you get to keep half for your efforts.
Regards, Melanie Giles, Insolvency Practitioner
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