How does an IVA affect my workplace, tax and bonus?

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janis
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by janis » 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
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Foggy
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by Foggy » Sat Sep 29, 2018 9:41 am
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.
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Lisa Thomas
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by Lisa Thomas » Mon Oct 01, 2018 8:50 am
janis wrote:
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.

King Regards
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