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indy2005
Junior Member
458 Posts |
 Posted - 17 March 2009 : 21:40:11
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Hi,
Discharge in May, getting a few K cash bonus, 5% pay increase and 3K in shares (shares will be held in trust for me for 3 years under the terms of an employee bonus scheme).
Do I have to declare the 5% increase, and will they have to redo my IPA?
Do I declare the shares as they are not mine, but held in trust for me and can't bre realised as an asset for 3 years (which will be outside the 3 year rule). I have to spoken to the company running the plan and they have told me that the OR hasn't contacted them about the existing 6K of shares in trust which I declared in my SOA, of which only £400 worth become available for disposal prior to discharge).
Will the cash bonus after tax be taken completely as an asset...or will it be taken as part of the IPA - in which case I may get to keep 70%?
What are the limits for declaring these time wise? Immediately, or within 30 days (as close to discharge as possible...).
Also, I receive £250 as a dividend payment on shares which I listed in my SOA, but which the OR hasnt seized yet....what to do about this...spend it on holiday!?
Thanks
i |
Edited by - indy2005 on 17 March 2009 21:44:50 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 March 2009 : 23:22:20
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I would recommend you contact the OR and advise him of the payrise and dividend.
If they find out later you will need to pay it back and be in an unpleasant position
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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indy2005
Junior Member
458 Posts |
Posted - 18 March 2009 : 00:11:47
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describe unpleasant (prison!?)....the dividend will get paid into my wifes account (my salary goes into her account).
I ask because when I had my BRU interview, the examiner more or less told me I wouldnt have to declare an increase in income and that the IPA was agreed and done. He said this was more to catch out people who are paying perhaps a fiver a month and then land a 100K job.
Regards
i |
Edited by - indy2005 on 18 March 2009 00:14:12 |
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John
New Member
United Kingdom
73 Posts |
Posted - 18 March 2009 : 00:14:34
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Hi
unpleasant= non disclosure of the 5% increase and the dividends is a criminal offence not a civil matter as with your previous debts.
John White
England Jackman & Spacey |
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indy2005
Junior Member
458 Posts |
Posted - 18 March 2009 : 00:16:11
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| I got a dividend of £90 last year in September and didnt declare it....? Didnt think it was worth it? Now I am worried. |
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indy2005
Junior Member
458 Posts |
Posted - 18 March 2009 : 00:42:07
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quote:
Originally posted by indy2005
I got a dividend of £90 last year in September and didnt declare it....? Didnt think it was worth it? Now I am worried.
Well I have done it...just emailed my OR contact / examiner explaining that I have a 5% increase on the way, and that I am likely to receive a dividend of £230, and that I received £90 last September. I hope I dont get in trouble for not declaring the £90, it got paid into my wifes bank account - not mine.
I also explained that I am likely to receive a cash bonus and that I dont know the exact amount, but could he advise me on the process.
Hope I have done the right thing and dont get in trouble. The dividend would have been a nice bonus for a family holiday soon, but it aint worth prosecution.
is the late declaration of the £90 a problem I need to lose sleep over...or is it enough I have come clean within the term of the BR?
Regards
i |
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John
New Member
United Kingdom
73 Posts |
Posted - 18 March 2009 : 07:11:28
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Hi
you've come clean and the september payment was just £90 after all.
I have absolutely no doubt you have done the right thing.
John White
England Jackman & Spacey |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 18 March 2009 : 08:03:54
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well done.
the more you cooperate and are open with the OR , the more likely they are to work woth you.
The reverse is also true
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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indy2005
Junior Member
458 Posts |
Posted - 18 March 2009 : 19:42:24
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| Thanks gentlemen as always. Who knows I may get to keep it. |
Edited by - indy2005 on 18 March 2009 19:49:09 |
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Topic |
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Payrise, share dividend and other questions
