Can the inland revenue reject an IVA application ?

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gary245

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Post by gary245 » Fri Apr 28, 2017 10:04 pm
Can the inland revenue reject an IVA application?
I have debts of £70,000 including inland revenue of £50,000 +
My income, as a self-employed hairdresser will support the payments.
I have, approximately, £50,000 of equity in my home but really don't want to have to sell whilst my children are taking their degrees.

kallis3

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Post by kallis3 » Sat Apr 29, 2017 8:11 am
HI,

Unfortunately HMRC can, and do reject applications.

If you have not spoken to anyone yet I suggest you speak to one or two companies for advice. Vincent Bond are amongst those who will give advice free of charge initially.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Sat Apr 29, 2017 8:32 am
I have to agree with Kallis. Speak to a couple of firms directly -- ask if they are experienced with dealing with self employed and have experience of HMRC as a creditor. Personally I would go to the small or medium sized firms, rather than the "IVA factories!".

Have a read around the forum to see who the good and the bad are.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014

Michael Peoples

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Post by Michael Peoples » Tue May 02, 2017 8:12 am
HMRC have very strict criteria and substantial equity usually means a requirement to sell. However you can get a grace period of 3-4 years which may help with the children at university so speak to an insolvency firm who have experience of dealing with HMRC. Ask to speak to the IP or a senior manager and do not deal with a sales person or someone with no experience.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com

Lisa Thomas

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Post by Lisa Thomas » Mon May 08, 2017 2:14 pm
One of the big hurdles with HMRC, other than the debt, is whether all your returns have been filed. They don't normally consider an IVA proposal until all overdue returns have been filed.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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