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IVA and work bonus
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Hi all.
Been a while since I've posted anything IVA related as all seems to be going smoothly as I'm now 2 years or so in to it.
Anyway, with what's been going on with the coronavirus my boss has made lots of money as she owns a shop which was allowed to stay open throughout and decided to give everyone a £250 bonus last week in our wages.
So, my IVA follows the standard protocols or whatever and there are no special terms to it with regards to earning extra. My question is, how much of that £250 should I now pay to my IP?
My monthly pay before tax, pension, NI etc is £1413 and after tax etc is £1204.
So, last week pay with the bonus was (after tax etc) £1364 - I got taxed on the bonus as well.
My maths is shocking and I seem to be getting myself confused with the whole 10% of bonuses and 50/50 of wages or what ever. Can anyone recommend how much, on top of my £160 IVA monthly payment, I should pay my IP? I'm unable to get hold of them at the moment so thought I'd ask here as well.
Many thanks!
Been a while since I've posted anything IVA related as all seems to be going smoothly as I'm now 2 years or so in to it.
Anyway, with what's been going on with the coronavirus my boss has made lots of money as she owns a shop which was allowed to stay open throughout and decided to give everyone a £250 bonus last week in our wages.
So, my IVA follows the standard protocols or whatever and there are no special terms to it with regards to earning extra. My question is, how much of that £250 should I now pay to my IP?
My monthly pay before tax, pension, NI etc is £1413 and after tax etc is £1204.
So, last week pay with the bonus was (after tax etc) £1364 - I got taxed on the bonus as well.
My maths is shocking and I seem to be getting myself confused with the whole 10% of bonuses and 50/50 of wages or what ever. Can anyone recommend how much, on top of my £160 IVA monthly payment, I should pay my IP? I'm unable to get hold of them at the moment so thought I'd ask here as well.
Many thanks!
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Comments
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Due to COVID-19 new guidlines are currently in place with regard to people in insolvency, you can take a 3 month payment break if you wish, your IP now has more discretion to deal with such matters.You don`t pay anything extra until your IP tells you to do so, its not a massive amount of money.You can inform them if you wish, it is treated in the same way as a one off overtime payment. You will be allowed to keep the equivalent of 10% of your normal monthly income. 50% of the rest will have to be paid into your IVA.
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