Hi people, I have been in an IVA since November 2013 with McCambridge Duffy (with whom I am very happy). Month 54 will be in April. My IVA contains a variation by HMRC which reads: "the duration of the arrangement shall not exceed 66 months without the prior approval of 75% majority of creditors' cl...

Michael, I was operating on the premise that HMRC would , if they could, seek 100% recovery via the equity. I note foggy's comments and wonder whether if I were in a position to cover the 12 month extension payments in a lump sum, that would be a way forward? I may be able to achieve that, as it wou...

Thanks for the response Michael. I can see there is room for optimism in the prospect of securing a mortgage, however, I have to prepare on a worst case scenario basis. There will not be a lump sum available to me as I do not have anyone I can go to to seek one. So the choices for me will be extensi...

Any IPs able to help?

Well that is what has worried me. When I went into the IVA I had a house worth 285k with a mortgage of about 236k. By the time the IVA concludes, the house may be worth as much as 400k, and the mortgage down to 220k. therefore I would have 180k equity of which half belongs to my wife. i emptying bak...

Hi anyone able to shed any light on this for me?

I went into an IVA in Novmber 2015. There have been no issues. However I have a concern about an amendment to my IVA by HMRC. Ordinarily in month 54 an attempt is made to release equity in my property. This is not likely to be achievable, so I would expect the arrangement to then be extended by 12 m...

Hi Michael, You have been most helpful to me in the advice you give on this forum. I just want to be absolutely crystal clear in my mind. I entered IVA in Nov 13. At the time I had the previous July's POA (10k) outstanding only (for the year 12-13) The revenue's provisional claim on the IVA was 33k....

Hi, as I have posted before I went into and IVA on the 26th Nov 2013. I am self employed and therefore all my tax for the year 2013-2014 was captured in the iva. I made the additional payments from tax charge for the first few months I take this to mean the Jan 2014 and July 2014 payments on account...

My last question - honest- - re HMRC I went into the IVA in Nov 2013 with a debt of 104k My accountant tells me that my tax bill for 2014 (which forms part of a claim in the IVA) is going to be about 5.2k higher than expected. The revenue debt was 33,800. This is because I had to account for a bill ...

In my case I started with an income of 70k at the point of entering the iva in nov 13. The accounts for 2013 showed a drop of 10k to 60k. The 14 accounts will show a spike to 80kand the 15 accounts will show a drop back down to 70k. I can say this because of my 30th April year end. It is all to do w...

Hi there, Another IVA question. I am self employed. When my accounts are done for 2014, they are likely to show a spike in profits, (perhaps as muck as 20k) but I happen to know that the figures for the subsequent tax year will come down again. Although there will / may still be an increase overall,...

Hi, A question about how HMRC debts are treated in IVA. In my situation when I went into the IVA I had an estimated self assessment debt of about 33k. When the revenue finalise their claim, what happens if the estimate was wrong. What is the margin of error that would not impact on viability of the ...

Hi Michael,

plainly i would rather earn the interest, how do I find out of HMRC expect a POA in January for the 2015 liability or whether they will expect the whole liability to be paid in Jan 2016

Marc

Hi, thanks for the response Michael. I am with your firm. I shouldn't make any difference that my accounting period end is 30/4 for these purposes, it's the tax year that matters. Is that right?