Business grants

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Jlml87

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Post by Jlml87 » Mon Apr 06, 2020 4:01 pm
Hi there,

I’ve been told I’m eligible for the business grant to help during this time of partial shutdown to help businesses survive.
What will this go under regarding the IVA? Would this be classed as a windfall? I’m not entirely sure if the grant would be a taxable amount.

If anyone can assist I’d appreciate it

Foggy

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Post by Foggy » Mon Apr 06, 2020 5:05 pm
I would imagine that this is something even IPs will be needing to consult on and will depend on the fine detail of the terms and conditions of the grant.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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luluj

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Post by luluj » Tue Apr 07, 2020 12:10 am
I would hope it will be classed as income and not impact your iva ...in these difficult times surely IPs will be more sympathetic towards circumstances out of your control.
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Jlml87

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Joined: Mon Apr 06, 2020 3:58 pm

Post by Jlml87 » Tue Apr 07, 2020 1:38 pm
I hope they take into consideration I haven’t adjusted any payments on my account and my main source of income is furlough pay, and to top it off other expenses which were fairly low have now more than doubled.

Would the government grant be classed as a windfall payment? Otherwise my business is screwed if all was to go to the IVA

Foggy

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Post by Foggy » Tue Apr 07, 2020 2:11 pm
Tue Apr 07, 2020 1:38 pmJlml87 wrote:
I hope they take into consideration I haven’t adjusted any payments on my account and my main source of income is furlough pay, and to top it off other expenses which were fairly low have now more than doubled.

Would the government grant be classed as a windfall payment? Otherwise my business is screwed if all was to go to the IVA
I would hope not as it is, inreality, an income supplement / replacement to keep things ticking over in the real world, not to pay off creditors already cocooned in an IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Jlml87

Posts: 3
Joined: Mon Apr 06, 2020 3:58 pm

Post by Jlml87 » Tue Apr 07, 2020 2:23 pm
Tue Apr 07, 2020 2:11 pmFoggy wrote:
Tue Apr 07, 2020 1:38 pmJlml87 wrote:
I hope they take into consideration I haven’t adjusted any payments on my account and my main source of income is furlough pay, and to top it off other expenses which were fairly low have now more than doubled.

Would the government grant be classed as a windfall payment? Otherwise my business is screwed if all was to go to the IVA
I would hope not as it is, inreality, an income supplement / replacement to keep things ticking over in the real world, not to pay off creditors already cocooned in an IVA.
I did ask the IP but they said I would need to get more info from the local authority, they’ve said it’s not taxable as it’s a government scheme.

The amount of work I’ve lost from this is bad enough, and will need something to boost the business when everything returns to normal.
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