does a iva cover incom tax bills

[allan.p]

does a iva cover incom tax bills

[accgroup]

Hi Allan

Yes an IVA can cover income tax, an IVA should state all your assets and liabilities - everything!

HM Revenue & Customs have a separate department which deals with Voluntary Arrangements. You should speak to an insolvency practitioner as soon as possible in order to go through your case as there are certain issues you will need to address before a proposal is put forward to the Revenue.

Hope this helps



AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[iva_squirrel]

Good evening,

The following can be included:
• Bank accounts
• Finance company loans
• Credit or store cards
• Outstanding VAT
• Outstanding Inland Revenue debts
• Loans from friends and family


Debts that cannot be included in an IVA are:
. Mortgages and loans secured on your property
. Hire Purchase Agreements (except shortfalls)
. Magistrates Court Fines, speeding/parking tickets etc
. Debts incurred through fraudulent activity
. Maintenance/CSA Arrears
. Arrears on a rental property (however you may be able to include outstanding rent on a previous property)

Hope this helps.

Kind regards,


Julia




For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[MelanieGiles]

Hi allanp

As Accuma have indicated the specialist HMRC Enforcement Office at Worthing will expect you to have submitted all outstanding tax returns prior to commencing your IVA. Your IP, in conjunction with your accountant, ought to be able to deal with this for you.

Not only do you include income tax owing for previous fiscal years within your IVA proposal, but also an estimate for the current year. So if you enter into your IVA in say September 2007 - this falls within tax year 2007/2008 and therefore all tax payable for that period is also included as a creditor. Your IP will need to estimate this - as obviously the actual figure cannot be calculated until after 5 April 2008.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk