Badicslly - I have a limited company through which I contract. The company receives a daily rate for this. It's just a one man company - without me working it would have value other than the company's cash at bank)
I can then extract a salary and dividends should I choose.
The strategy being suggested by my advisor is pay me a relatively small salary from the company (just enough to live on) and go for a full and final IVA based on that salary. (I have a lump sum available to me)
(I could withdraw dividends if I want - but his suggestion as I understand it is to include my salary in the application along with a value on the company)
Sounds a bit iffy because it doesn't seem to take into account any director loan implications.
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.
To clarify - there isn't any director loans involved. I could take dividends also (but with this strategy I only take a salary and submit the F&F IVA based on my Salary and pay out what I can based on cash at bank for company)
Sounds possible but will have a knock on effect on tax.
Additionally if the amount in the Ltd company is "significant" creditors could argue that more could be taken out of the company over a longer period.
Just make you are using a company that specialises in supporting IVA's linked to the self employed etc.
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.
