Posted: Mon Feb 29, 2016 1:36 pm
I have been liaising with an IVA practitioner.
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)
Is this correct? It sounds incorrect to me.
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)
Is this correct? It sounds incorrect to me.