With an IVA, can anyone have access to my business, which is running at a deficit, but hopefully will begin to build up over the next couple of years? Is my business safe? I;m a sole trader who has a small massage business, in addition to my part time 25 hr a week job.
Your business is safe under an IVA, however, HMRC will be listed as one of your creditors. I would suggest a chat with several firms, and specifically ask if they are experienced in dealing with self employed, as your income from this source will fluctuate.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
No one can tell you how to spend your own time especially if you believe that the business will grow. You will need to show the business can meet any future obligations to the likes of HMRC but this is starightforward and cash flows and projections can be prepared.
As Foggy says make sure the person dealing with your case understands the self employed and have a chat with the IP themselves.
You will probably have to provide a combination of wage slips, accounts and self assessment return each year.
As Michael says find an ip who understands the self employed.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
You will need to be able to show that the business can be profitable going forward to be able to support the IVA (on assumption it will be funded maybe in part, by contributions. Your choice of IP should be able to help you with this. Don't forget the business debts will become creditors of your IVA so this will change your post IVA outgoings.
