www.iva.co.uk

My Biggest debt is the
inland revenue for 200K

Inland Revenue debt can and should be included in both Bankruptcy and an IVA.

I would reccomend that you speak with several debt experts about your situtation and work out a solution that best suits your individual circumstances.



Best Regards
Oliver

Thomas Charles Ltd, A medium sized debt solutions provider based in London.
Read customer feedback at: www.thomascharles.com/about_us.asp

Jay

If you have debts of this size to the Inland Revenue, I assume that you are self employed. Do you have an accountant who does your books and have they confirmed the debt?

Given that the IR debt stands, you must discuss your situation through with a professional (perhaps get 2-3 views). If the IR is by far the largest creditor, they will have the over-riding vote in an IVA and may be difficult to deal with.

Depending on your situation and home, it will be worth having a good look at the option of bankrutpcy as well

James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

Visit my blog at: http://jamesfalla.blogs.iva.co.uk

Jay

The Inland Revenue (or H M Revenue & Customs as they are now known) have a specialist IVA voting and monitoring department based in Worthing, which people like me deal with all of the time.

They have a very commercial approach to IVA's and are generally supportive so long as the proposal has been thoroughly researched by the IP and presents a viable option. For a debt of that size I would certainly recommend you have a face to face meeting with your IP for specific advice.

HMRC are unlikely to be supportive of an IVA if there is a long history of non-compliance. How old is the debt, and what tax years does it relate to>

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hello jay, I came across a tax site and thought maybe it would help you. I am NO tax expert nor financial professional or anything that has the initials ACCA CIMA,etc.

http://www.taxaid.org.uk/tax_debt.cfm?secnav=10


They are funded by tax professionals and The Lottery.
Good luck!

All I have left is my humour.