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Pigger479
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by Pigger479 » Mon Apr 16, 2018 6:19 pm
Hi everyone. It’s my first annual review which I’ve just received paperwork. In regards to my income my monthly salary is topped up considerably by bonus, standby payments and overtime which differs every month and can increase and decrease by anywhere of the region to £200-500 every month. When putting my monthly incomings I’m unsure what to put as it is so different every month. Would it be best to add up my net take home for the whole year and devide by 12 this get an average??
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Foggy
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by Foggy » Mon Apr 16, 2018 6:40 pm
Your income should be based on the basic pay and bonus / overtime payments dealt with each month under the 10% 50/50 rule, unless your IP has calculated your IVA payment on an average monthly pay,ent by aggregating the whole lot. Without sight of all of your paperwork it is impossible to say and I would advise asking your IP.
Be warned, though, if he calculated your payment based solely on your basic, you should have been declaring the bonus and overtime each month and paying in the required share.
Pigger479
Posts: 67
by Pigger479 » Mon Apr 16, 2018 6:47 pm
When I first when for the Iva we just took an average of 3 months salary which had my bonus , overtime and standby payments included. Any month I’ve gone over the 10% I’ve phoned up and made extra payments.

Foggy wrote:
Your income should be based on the basic pay and bonus / overtime payments dealt with each month under the 10% 50/50 rule, unless your IP has calculated your IVA payment on an average monthly pay,ent by aggregating the whole lot. Without sight of all of your paperwork it is impossible to say and I would advise asking your IP.
Be warned, though, if he calculated your payment based solely on your basic, you should have been declaring the bonus and overtime each month and paying in the required share.
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Foggy
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by Foggy » Mon Apr 16, 2018 7:43 pm
Pigger479 wrote:
When I first when for the Iva we just took an average of 3 months salary which had my bonus , overtime and standby payments included. Any month I’ve gone over the 10% I’ve phoned up and made extra payments.

Foggy wrote:
Your income should be based on the basic pay and bonus / overtime payments dealt with each month under the 10% 50/50 rule, unless your IP has calculated your IVA payment on an average monthly pay,ent by aggregating the whole lot. Without sight of all of your paperwork it is impossible to say and I would advise asking your IP.
Be warned, though, if he calculated your payment based solely on your basic, you should have been declaring the bonus and overtime each month and paying in the required share.



OK .. as the intiial assessment was based on the average, I would use that again. Hopefully it will result in much the same figure as before. Best of luck with the review.
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kallis3
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by kallis3 » Mon Apr 16, 2018 7:46 pm
Fingers crossed!
Pigger479
Posts: 67
by Pigger479 » Mon Apr 16, 2018 8:01 pm
Thanks guys
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