If you are a company director of a limited company not in profit at the time you take out you're iva and then that business starts to be profitable do you just notify the iva and let them know this an do they take all the forthcoming profit?
As a Director you will take a dividend, but the IP must allow some profit to remain for the running of the company. The dividend will usually be assessed as extra income under the 10% 50/50 rule ( if that is how your own arrangement has been written).
They will not allow you to take a minimal dividend whilst building up excessive reserves in the company coffers.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
