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janis Posts: 1
Joined: Sat Sep 29, 2018 8:54 am
Hello. Will be very appreciated to get answer on my question. How does IVA affect my workplace and tax. If I get bonus once a year what will that do. And also does 14 day cancellation policy is easy to cancel during that period or not. King Regards
Foggy Posts: 28553
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
It should not affect your workplace unless there is mention of insolvency in your terms of employment. You need to check with HR.
The bonus will be, in part, payable into your IVA, usually around 50% of it will go, same as overtime.
Once the IVA has been accepted and is running, there is no cancellation period.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Lisa Thomas Posts: 7339
Joined: Wed Dec 03, 2014 10:26 am
Hello. Will be very appreciated to get answer on my question. How does IVA affect my workplace and tax.
An IVA doesn't affect many types of employment but check your contract or have an anonymous telcon with HR to make sure.
As regards tax - HMRC will be able to claim in your IVA for the tax year to April 2019.
If I get bonus once a year what will that do.
You will probably have to pay some or all of it over, depending on what you propose in your proposals, and what creditors accept.
The 10/50/50 clause is likely to apply if the proposal remains silent.
And also does 14 day cancellation policy is easy to cancel during that period or not.
Depends on which IP firm you use and what their cancellation terms are.
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