can i enter into an IVA and include the tax man

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richard.1

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Post by richard.1 » Tue Sep 28, 2010 2:51 pm
Hi i have debts of over £15,000 the majority being owed to HMRC, can i enter into an IVA and include the 'tax man' as part of that agreement?
 
 

kallis3

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Post by kallis3 » Tue Sep 28, 2010 2:58 pm
Hi and welcome.

You can include tax debts, but if they are a majority creditor I'm not sure how they vote.

I recommend that you speak to an expert. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
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
 
 

liamjames

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Post by liamjames » Tue Sep 28, 2010 3:03 pm
kallis3 wrote:


You can include tax debts, but if they are a majority creditor I'm not sure how they vote.
Welcome from me too!

They tend to vote quite fairly, but put great emphasis on any overdue paperwork / tax returns. As Jan says, it's good to get a couple of opinions and some personal advice - IPs should give you this advice for free.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

Michael Peoples

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Post by Michael Peoples » Tue Sep 28, 2010 3:15 pm
If you enter an IVA your tax debts including an estimate for the current year form a debt in your IVA. HMRC do vote in favour but as LiamJames says they do have criteria for acceptance. Any returns must be submitted even if you do not have the funds to pay and this will enhance your chance of acceptance.

The point of an IVA is to allow you to restart and they were originally enacted specifically for the self employed. Get some free advice and good luck.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 28, 2010 10:51 pm
It will also be very important for you to demonstrate what led to the unpaid debt to HMRC, and what changes you have made to ensure that non-payment of taxes occurs in the future.
Regards, Melanie Giles, Insolvency Practitioner
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