Just coming up to our 1st year on the IVA,wife works full time but I have been ill for a few years hence the problems.Would like to consider in the new year possibly going self employed, but how would they calculate their payments as my income would differ month on month ?
Thank you
They would have to work on an averaged out projected figure and probably review every three months until a stable pattern is built up. It would be a risky move as inability to make payments close to those already agreed could see the IVA being failed.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I was self employed in the start of my iva but I received a weekly wage so was calculated that way in the first year.
Then after that I had to send my tax return to my ip every year.
Then my wage was calculated after my expenses were taken off
Example
Gross earnings £35000
Expenses £10000
Net pay £25000
Weekly wage 25000÷ 52
I couldn't claim my expenses against my iva eg petrol,clothing etc.But I got to keep any tax return I got.
I was in the construction industry so 20% tax was taken off my gross wage.
Hope this helps in some way
Today 1st of December 2016 the vultures finally flew away
