Im nearly 2 years into an IVA & im currently a stay at home mum. Ive been looking into hobbies & things i could make at home to sell. I know i would need to register as self employed to advertise & also get insurance (i believe) but with regards to my iva what would happen as obviously i wouldnt know how much i could make & even more obvious is that i wouldnt be able to guarantee a certain amount each month. What would i need to do if i wanted to do this?
I did something similar in my iva as a top up to my income. The money I made each month was paid into the iva under the 10% 50:50 rule so I kept 60% of it in essence.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
We did something similar during our IVAs. First keep your IP in the loop
We agreed with our IP to treat the self employed income as extra earnings, so covered by the 10/50/50 rule ( but, in out arrangement, it was a straight 50/50 split).
What we did was to take the monthly s.e income, after expenses and split it three ways: third for HMRC and a third each for us and the IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Am i right in believing that unless you earn over 10,000 you dont pay to hmrc?
I doubt ill make that much see, would be nice to make a little income as my husband pays for everything as i dont work so have no income apart from child tax & child benefit which i have to pay half of that to my iva which is gutting as i believe its for my daughter. Would like to earn just enough that the benefit received goes on my daughter & i can pay my iva with an income as well as my hire purchase which my husband currently pays. #128532; makes me sad that he has no money to himself & works so hard for it.
AS self employed you will also have to pay Class 2 National Insurance ( and Class 4 will be dealt with on profits by HMRC). However if your earnings are expected to be below around £5400 (can't recall the exact figure) you will be exempt. BUT you must apply for a small earnings exemption certificate when you register the business.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for your answers.
May be small but i hope to make maybe £200 a month just to be able to help. Would obviously like to earn more eventually but im not looking to earn a fortune as just want to do something part time from home so i can still be a full time mum (also just enrolled on a maths course as want to better myself)
Thank you again, answers are very helpful & point me in a positive direction x
