hi i have just sent in my inc/exp form my income is £400 higher than on my inland revenue statement as my father helps me out monthly i guess i should just tell my ip the situation and hope it is ok i have been paying now for 2 years with no problems
You would need to make this clear to your supervisor as you find you are creating a potential problem with HMRC. If your IVA stated income is higher than on your self assessment return HMRC could draw an inference that you are not declaring all income to them and assess you on what listed on the I&E.
In effect, your father is paying some or all of your IVA which is fine if disclosed and he is happy and able to do this. Make sure your I&E is split to show your self employed income and your father's assistance to avoid any confusion and a large HMRC debt. There is a danger that a large post IVA liability to HMRC could lead to the failure of your IVA so explain the situation to your IP. They can then make creditors aware in the annual report.
I am sure I have answered this earlier - are there two threads running dealing with the same subject?
Good point from Michael about HMRC checking the IVA annual report against the tax return. They should reconcile back to a similar figure, otherwise alarm bells are bound to ring.
Yes there are, this one has just been worded slightly differently.
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
