hello wonder if anyone could help?
gross income of approx 50K
self employed
tax debt of approx 17K
business debt of approx 10K
personal debt of approx 10K
homeowner with partner and 2 kids requiring approx 1600 pm
inding it really hard to keep bills paid and tax to date, have continuous work contract but with little scope of earning more.
wonder what the best solution to my problems are?
edt there are severl options open to you so dont lose hope you can get through any problems.
The main questions will revolve around your business, is it profitable going forward (which it appears to be), will you be able to service the business debts from the business and if so then how do you deal with your personal debts.
Which route you should choose does depend on the whole picture and should be discussed with a professional and there are many people who can help you.
James Kaye and Nick Morgan, Insolvency Practitioners with over 30 years combined experience.
I recommend that you speak to a professional. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
Do you have any equity in your house?
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
You look as if you are making relatively healthy profits, so an IVA could be an ideal solution for you if you can demonstrate core profitability and a sustainable business plan moving forward.
Choose an IP with knowledge and experience of dealing with the self-employed, and do bear in mind that you will need to have a face to face meeting with the practitioner or a member of their senior staff as part of the process.
Edt
I am self employed and looking into an IVA. I had a meeting at the start of this week with Melanie and I would advise that without fail you discuss your situation with her. I drove 300 + miles and can honestly say it was a worth while trip and will I hope pay dividends.
I'm self-employed too and also with Melanie and her team. I received some dubious advice to begin with and am so glad I switched firms, even though it's taking a little bit longer than it would have if gone with the IVA Adice Bureau to begin with.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
Hi Edt, Adding to the advice from others I would highly recommend that you would also seek to find a really good accountant or someone to be on top of the bookkeeping of your business.
Lot of self-employed traders are brilliant doing their jobs but do not always on top of recording their business expenses.
My understanding is that IPs are coming from accounting background but they will not have time to sort out your books nor are they paid to do this.
Just quickly calculating from your figures and information provided you would have approximately £912 disposable income? £1,600 expenses for a family of four. Are you sure? Does your partner have income?
I'm no expert but it looks like you have a rather large tax debt, are you VAT registered and that is where the tax debt has come from? Your gross profit is £50k, is that your drawings from the business?
7 year IVA completed in December 2016 - there is light at the end of that tunnel