My Iva working perfectly, done my 5. Payment recently and so far so good.
I have been offered extra 10 hours a month and I want to make sure if I accepted it will be on my benefit.
I have been reading that any pay rise I have to pay half of it. My question is, is it a regular Procedure or is it up to my firm and IP to decide whether all rise should be paid into my Iva or just half of it?
Michael Peoples wrote:The question would be whether the extra hours were deemed to be overtime, bonus, commission or similar. If that was the case you would keep anything that did not increase your usual net pay by more than 10% and divide the rest with the IVA. If it were to be deemed a payrise then it should not be an issue as Foggy says until the annual review but to be sure I would suggest you contact the IP. Do a new I&E to allow for any extra travel, meals at work, childcare, loss of tax credits etc and you may not be much better off anyway.
I was thinking to call my ip as you suggested and I think I should also check with tax return if any changes. Thank you very much for reply
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