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Well I'm 4 months into my IVA and so far so good.

However I have an opportunity to do some contracting work which could substantially increase my income. I would like to form a Company to do this for tax reasons.

My questions are a) Can I do this and b) What restrictions would there be if any on being a director / opening bank accounts etc.

My wife could be signatory for the company bank account if necessary.

Does anyone have any experience of this or can offer any advice?

Thanks

Hi there Hunter. Glad to hear that the IVA is progressing well.

Whilst it is possible for you to set up a limited company to run your business through, there are very few tax advantages (if any) these days. Have you thought this through carefully and discussed it with an accountant? Personally I would not bother, as the additional administration probably outweighs any benefit.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Hunter

You will find it very hard if not impossible to find a high street
bank that will accept an application for a business account.

Suzz