My husband went self employed via the CIS scheme midway through the last tax year and i am just trying to get prepared of what will be required at annual review time. In the past we have just provided evidence of payslips and P60 but not sure what other paperwork is required from the self employment side. It will be our last annual review in the summer as our IVA is due to complete (fingers crossed) after 7 years due to an extra year in lieu of equity release. Can anyone advise what is involved in the last annual review that is different to the other annual reviews.
They may ask for a copy of his self employed accounts, as submitted to HMRC, but only your own IP can say for definite what they will require.
The final annual review will look at that final year of the IVA to check that income has all been accounted for and the expenses claimed were correct. They will not pay too much attention to outgoings expected going forward.
Not long now
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
When you say self employed accounts, is that a copy of the self assessment form that the accountant does and maybe weekly pay and deduction statements which confirms his income each week via the CIS scheme. When you say check the expenses claimed were correct do you mean like mileage, tools etc. How will they know if they are correct? Will they require receipts for expenses claimed or will they juse use a rough idea of what kind of expense can be incurred for a particular expense.
They might just accept a statement of earnings from the accountant.
On the expenses front they will probably just be looking that they are in the right ball park and to check that you are still paying the "biggies" like mortgage / car etc.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
