Posted: Thu May 12, 2011 9:40 am
Hi All,
First post so hope to hear so useful advice!
I'm a Director in 2 Limited Companies, both small enterprises, equal shareholder with 2 others, no staff.
Sadly we have had to shrink from 25 staff to just us, and its hit my income badly. I am now in discussions about entering an IVA. My income has stabilised and I,m told I stand a good chance of acceptance.
However I need to produce my previous tax return. Problem is this shows I earnt a lot less in the previous tax year than I have over the last year. Im talking £8000 declared income 2009-2010 as opposed to estimated £30,000 for 2010-2011. Surely this will mean that the creditors won't accept my confirmed income of £8000 can therefore meet my IVA proposed payment?
First post so hope to hear so useful advice!
I'm a Director in 2 Limited Companies, both small enterprises, equal shareholder with 2 others, no staff.
Sadly we have had to shrink from 25 staff to just us, and its hit my income badly. I am now in discussions about entering an IVA. My income has stabilised and I,m told I stand a good chance of acceptance.
However I need to produce my previous tax return. Problem is this shows I earnt a lot less in the previous tax year than I have over the last year. Im talking £8000 declared income 2009-2010 as opposed to estimated £30,000 for 2010-2011. Surely this will mean that the creditors won't accept my confirmed income of £8000 can therefore meet my IVA proposed payment?