You need to speak to your IP as soon as possible and tell them about this. They are best placed to advise you.
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
You need to check this out. If your tax bill relates to write offs as a result of the IVA your IP and accountant can sort this out. It is not uncommon but shows why self employed should use firms who understand taxation.
Your first port of call should definitly be a discussion with your IP. If you are self employed, your IP should have seen this coming and should be able to advise you.
The write offs in an IVA can only occur at the end of the IVA, so I cannot see how this could effect a person whilst they are still in the IVA. The unpaid debts remain as outstanding until the IVA has concluded, but it is worth mentioning on the forum as many self-employed people may not realise that is likely to affect them in the years following conclusion.
Hi, first post on the forum, but have been reading for weeks. Found it such a helpful and reassuring place to be. I finally made the call to Mel's team last week. I'm currently in the early stages of information gathering and feeling quite sick but hopeful all at the same time! Me and hubby both self employed and may need to include HMRC in the IVA. Saw Mel's post about write offs and that it may affect us in later years - this worries me! Mel could you elaborate?
Thanks
Lou
I dont understand the tax implications of the write off. But basically, you owe the full amount of your debts for the full term of the IVA and it is only written off when you have successfully fulfilled the terms of the proposal (usually 60 monthly payments).
The debt is not written off when you start the IVA.
I hope this is of some help until Mel turns up to explain the tricky bit.
THere's no need to feel sick - you will be in a very safe pair of hands and having made the call you'll also be well protected now against creditors taking action against you.
Welcome from me as well - you have chosen an excellent team.
Keep posting as I'm sure you will have lots of questions to ask.
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
