RSU Gain & Workplace ISA

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Rozerlo

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Joined: Thu Sep 10, 2020 9:02 pm

Post by Rozerlo » Fri Sep 11, 2020 11:31 am
Hi,

My company started offering a £50 taxable benefit a month that we can either use on medical or a workplace ISA Will this need to be declared as it doesn't go over my 10% allowance?

I also got something on my payslip that said "RSU Gains" and it said i got given £3,000 but then a chunk of this was deducted and it gave me £700 on top of my salary? I'm not sure what it is but someone said at work it is like compensation for working there for over a year like a bonus that happens every year do i need to declare this as it doesn't go over my 10% allowance still?

Thanks for your help and advice!

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Sep 11, 2020 11:56 am
Not sure about the taxable benefit -- but I suspect it would be counted as income -- it is a permanent pay rise so, if they count it, 50% would be payable to the IVA each month --- the 10% doesn't figure here. It should be declared.

The RSU Gains payment would probably be treated as a bonus and should be declared. The 10% will not cover this all .... a bonus payment is usually dealt with monthly in the month it is paid and the 10% trigger is 10% of monthly take home .... although a few IPs do seem to treat it based on annual amounts, maybe yours does.

In any event, any extra income should be declared and the IP will decide and inform you if any is to be paid over. Because an amount might fall under the 10% this doesn't mean it should not be declared.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
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