What paperwork will my IP need for my review now I am self employed ?

[Richardd0186]

I am in IVA since one year and 2 months.I was full time employed and i did end of employment in april 15. now I am director of company and working as self employed from 1 may 2015. I have take permission from my IP to make ltd company and can be director of company. please let me know when next year review will due what information I have to give to IP. last year when one year completed I have submitted my payslips and bank statement, now which paper work i have to give my IP for reveiw?I have two clients for ltd company and same income is coming to ltd ltd company.

[lifenoteasy]

I have been providing accounts plus self assessment return.

Your problem will be that neither one will be available at the same time especially.

Get a good accountant, make them fully aware that you are in an iva and claim any expense that you can.

Explore the difference between dividends and salary.

The ltd company bank account statements are not disclosable in the Iva.

There will still be some contracts you probably cannot get or go for e.g. Finance, police etc. because of your credit history.

Good luck - iva and running your own company will be a roller coaster.

[Richardd0186]

Hi

Thank you for your reply. can you let me know about your chartered accountant. may be he will help me. how much he will charge you. regards

[lifenoteasy]

Hi

I can only suggest that you "shop around" locally and see who is more likely to give you a personal service rather than a vanilla approach.

You should expect to be charged around £120 per month.

[luluj]

Good luck in your self employex role. Your IP should be able to tell you now what is required for your next review so you can be prepared.
My husband went self employed last year and we used a firm who understood IVAs..they are called Orange Genie and they offer monthly support and do all the accounts for you ..they have access to a great system for all your invoicing and estimates etc that builds your tax return as you go ..so no hard work as you go through the year.