www.iva.co.uk

We seem to be in a depressing circle. Self-employed and two years into our IVA. Have struggled this past year due to the recession, but managing to meet all payments. Lucky as our last tax bill has gone into the IVA. Now for this year we will be wallopped for tax, as we are taxed on the equity in our house. So there is now way we can now meet all our payments. It has been suggested a limited company, told that we can, but now the bank won't open a new account. Stuck ....

Hi, I'm afraid I can't help with this but will keep it bumped up for another poster to comment. Is it a business account you're trying to open?

Hi Jayne,

Sorry tg hear pof your problems - you need to speak to your IP about this and see if they can help you at all.

remember as self employed to check for thresholds in your class 2 national insurance and your self assessment tax. Apply for exemption for both if possible, your Class 2 exemption level is around the £5k net mark. Check your payments on account (these are normally the ones that hurt the most) are correct and relevant to the tax year your accounting for. Always request a Time to pay arrangement also.

Hi - yes a business account. Have read previous threads so now have emailed HSBC who we already have a business account with, but just want to stop this one and start a new one. Hoping they will prove sympathetic!!! Our accountant is on top of the threshold things, I hope. Will mention them to him, but I must admit he seems to be the only one trying to help us. The IVA is with Grant Thornton, and they take ages to respond, and give me vague answers. I get more help online myself.

HSBC are not known for being sympathetic at all and they will possibly close your account once they find out about an IVA.

I speak to self employed people everyday in my day job, even those with accountants can have tax and NI bills that are incorrect. Especially with the Class 2 side of things. It well worth a shot just to get him to double check. I would think you can look to change your IP if your not getting the service you require form Grant Thornton. Not sure on that though.

You are highly unlikely to be able to change your IP during an IVA - it would colst too much money as it has to go back through the courts.

Jayne01 - Welcome to the forum, and apologies that you have experienced difficulty in contacting GT.
I understand you are going through a difficult period, please contact me by email ivacustomerservices@uk.gt.com with "IVA Forum" in the subject line or by telephone 0844 855 2166 and ask for me - I look forward to hearing from you,
Kind Regards
Karol