I will get pay rise before IVA is setup

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mark956
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by mark956 » Wed Feb 07, 2018 12:28 pm
Hi, My IVA will be setup in the next 4 weeks.
I will probably get a pay rise and bonus in the next 4 weeks. I guess I have to declare this ?
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Foggy
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by Foggy » Wed Feb 07, 2018 12:33 pm
If the bonus is paid before your IVA is up and running it is all yours and no need to declare it. You will, however, need to declare the pay rise --- if you are lucky they will leave it until first review, but might add the increase now, if you get it, again, before the IVA is accepted.
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mark956
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by mark956 » Wed Feb 07, 2018 12:42 pm
Foggy wrote:
If the bonus is paid before your IVA is up and running it is all yours and no need to declare it. You will, however, need to declare the pay rise --- if you are lucky they will leave it until first review, but might add the increase now, if you get it, again, before the IVA is accepted.


Thanks Foggy.

My chairmans call is on 21st Feb.

Pay day with (potential) bonus is 23rd Feb.

Do you think I need to declare this bonus?
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Foggy
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by Foggy » Wed Feb 07, 2018 12:44 pm
mark956 wrote:
Foggy wrote:
If the bonus is paid before your IVA is up and running it is all yours and no need to declare it. You will, however, need to declare the pay rise --- if you are lucky they will leave it until first review, but might add the increase now, if you get it, again, before the IVA is accepted.


Thanks Foggy.

My chairmans call is on 21st Feb.

Pay day with (potential) bonus is 23rd Feb.

Do you think I need to declare this bonus?


In that case, assuming the IVA is approved, yes, it will need to be declared and a share paid as extra income to the IVA.
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