How is my monthly basic pay worked out? I got a bonus last month and my iva company sent the calculations to me on how they worked it out and how much I had to pay them but it doesn't seem correct. They said they get it from the listen to the taxman website.
Hi Traceydbr48. Welcome to the Forum. I used to pay in 50% of any net bonus or overtime. Why not ask if you are unsure about the calculations - that's what I did initially, and PayPlan were very helpful. Good luck!
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
Your paperwork should state exactly how much you are expected to pay across over and above your normal payment. For most it is 10% plus 50/50.
They won't get anything from the taxman - it will come from your monthly payslips as and when you submit them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Listen to taxman does work out fairly accurate but not in all cases, it doesn't work out accurately for me, as I am an NHS worker, and because of my public sector pension, we pay less NI than standard, so it comes up that my basic pay is more than what it actually is.
It's the same with my husband, he earns a set wage every month, but when I put his figures into LTT it comes up that his basic pay should be about £30 a month less than what it is as it calculates NI contributions higher than he pays as he pays into a civil service pension.
The best thing to do is to speak to your payroll dept, they will explain what your basic pay is and how they calculate it
I realise that now lem having re-read the original post!!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Morning All, I have contacted Grant Thornton twice and they advised it is correct and they also sent me the excel spreadsheet with the workings out on but I dont understand where they get the net pay amount. Melanie is there somewhere I can email you the workings out to take a look and let me know how it's calculated? Thanks
If you visit the 'Ask a Question' link on the left hand side of the page then there should be some contact details on there. I'm sure Mel will be happy to have a look at them for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Thanks but I looked at ask a question and it says all questions will be posted on the forum and I didn't really want to post all my pay and expense details on here.
Google Giles/Jones and it should bring you up their site and you can contact the company from there.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Melanie do you have an email address where I can email you a copy of Grant Thorntons workings out as I'm unsure of how they have calculated a couple of the figures? Thanks
If you google Jones/Giles then you should be able to contact her via that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you are paid monthly on the exact same date each month you calculate 1 weeks pay x 4.33. This gives you your average monthly income and takes in to account that some months work out longer then others.
