Foggy wrote:Have you been getting these bonus payments over the last year only ? If not the other years might come to light at the completion review -- so be prepared ! If just the £2100 over the last year only --- were the bonuses £2100, or is that the share due to the IVA ? Hopefully the IP can deal with this by way of extension -- a pain, I know, but better than failing the arrangement.Yes I have only got them since October last year and that’s the pre tax bonus total. I am on a six year Iva due to end July. I never got them before that point. I had my annual review July last year but my p60 wouldn’t have shown these but this years will. I am so used to declaring incoming and expenditure every year I totally forgot about extra income as I haven’t had it before.
mark955 wrote:Well that reduces the problem somewhat. Assuming you have the normal 10% 50/50 clause for extra income: Take the nett figure ( how much actually hits your bank). From that take off an amount equal to 10% of your agreed base income (usual basic pay as agreed with your IP). Then split what is left 50 / 50 (half you keep, half due to the IVA). That will give you a figure far less than £2100 to have to pay over. Your clause might just be a straight 50/50 .... it will be in the proposal which you have.Foggy wrote:Have you been getting these bonus payments over the last year only ? If not the other years might come to light at the completion review -- so be prepared ! If just the £2100 over the last year only --- were the bonuses £2100, or is that the share due to the IVA ? Hopefully the IP can deal with this by way of extension -- a pain, I know, but better than failing the arrangement.Yes I have only got them since October last year and that’s the pre tax bonus total. I am on a six year Iva due to end July. I never got them before that point. I had my annual review July last year but my p60 wouldn’t have shown these but this years will. I am so used to declaring incoming and expenditure every year I totally forgot about extra income as I haven’t had it before.
Foggy wrote:Phewww. Checked my propsoal it states “where I receive anhoc additional income I can retain 10% and introduce 50% of the balance to the Iva” so it is 10% retain and then 50/50 so nett. So hit my bank is £1575 minus 10% = £1417.50. So then the 50/50 rule comes in. So I’m looking at a bill of around £700? Give or take.mark955 wrote:Well that reduces the problem somewhat. Assuming you have the normal 10% 50/50 clause for extra income: Take the nett figure ( how much actually hits your bank). From that take off an amount equal to 10% of your agreed base income (usual basic pay as agreed with your IP). Then split what is left 50 / 50 (half you keep, half due to the IVA). That will give you a figure far less than £2100 to have to pay over. Your clause might just be a straight 50/50 .... it will be in the proposal which you have.Foggy wrote:Have you been getting these bonus payments over the last year only ? If not the other years might come to light at the completion review -- so be prepared ! If just the £2100 over the last year only --- were the bonuses £2100, or is that the share due to the IVA ? Hopefully the IP can deal with this by way of extension -- a pain, I know, but better than failing the arrangement.Yes I have only got them since October last year and that’s the pre tax bonus total. I am on a six year Iva due to end July. I never got them before that point. I had my annual review July last year but my p60 wouldn’t have shown these but this years will. I am so used to declaring incoming and expenditure every year I totally forgot about extra income as I haven’t had it before.
You have to do this sum for each month you get bonus payments -- don't add it all together.
Foggy wrote:Not quite -- you don't keep 10% of the bonus amount -- it is 10% of your normal monthly take home payWow they like to make it complicate but 10% of my monthly take home is more than 10% of the bonus so that’s even better. Thank you so much for your advice. Call to the IP tomorrow hopefully they will let me pay what I owe over the last 6 months of the Iva and it can be completed without issue. Thank goodness it’s been 6 long years with light at the end of the tunnel.
cbdawg wrote:Silly question alert.Bonuses are taxable and should appear in your P60's -- It varies from firm to firm, but these are often asked for.
Hypothetical.
Over the years if you received an ad hoc bonus of say £100 and this wasn't in the 6 months pay the asked to see, therefore they haven't seen the evidence, how would they find out?
At the end of the IVA what is usually supplied to them? I want to be prepared because I know I've lost a few pay slips here and there.
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