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  • FIRST POST
    • runbug
    • By runbug 6th Feb 18, 12:27 PM
    • 1Posts
    • 0Thanks
    runbug
    SOA Help - Variable Income
    • #1
    • 6th Feb 18, 12:27 PM
    SOA Help - Variable Income 6th Feb 18 at 12:27 PM
    Hello,

    I am working on my SOA to fill out.
    My problem is that my income is not the same each week.

    I am working part time and get paid by days. Most weeks I am working 4 days, but there are also weeks with 5 or just 2 days.

    How do I fill this in my SOA?
    Is it ok to do an average from the last few month?
Page 1
    • ToxtethO'Grady
    • By ToxtethO'Grady 6th Feb 18, 7:55 PM
    • 111 Posts
    • 56 Thanks
    ToxtethO'Grady
    • #2
    • 6th Feb 18, 7:55 PM
    • #2
    • 6th Feb 18, 7:55 PM
    If you've worked for year and have your P60 from last year you can divide the amount by 12 but if not try to do an average over minimum 8 to 13 weeks, include any weeks you didn't earn as well.
    Week 1= 50
    Week 2 = 25
    Week 3 = 0
    Week 4 = 125
    Total = 200 /4 your average is 50

    If you are thinking of BR be aware you will have very little access to credit so try to get into the habit of budgetting for the low weeks so using the example above you can say from week 4 you need 75 to cover you for the 25 and 0 weeks. The OR would understand why you were keeping money however it does depend on how much you earn each week.
    • haggis0073
    • By haggis0073 7th Feb 18, 9:09 AM
    • 157 Posts
    • 116 Thanks
    haggis0073
    • #3
    • 7th Feb 18, 9:09 AM
    • #3
    • 7th Feb 18, 9:09 AM
    Totally agree with the above, they will work off your average, once they have your average earnings you will need to keep an eye on it, as if income goes up they will need to be notified.

    They will be used to this scenario, basically your circumstances may be reviewed more frequently during BR than say someone in employment.
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