contract hire van needed for business

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rebecca1

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Post by rebecca1 » Thu Aug 05, 2010 6:22 pm
i have put forward a request to get a contract hire van for my husband and shown them we will be able to afford this and it is tax deductable etc and they are saying that the creditors will refuse as at the end of the term of the contract it could be 22000 that could of been paid into the iva although they know our car is ready for the scrap yard etc.... so how come other people are excepted and not us. my husband needs it for his buisnee. help
 
 

MelanieGiles

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Post by MelanieGiles » Fri Aug 06, 2010 12:21 am
Who is telling you that you cannot have the vehicle Rebecca? Are you already in an IVA or just thinking through your options at present. I would see this as an essential business expense, which is probably going to be necessary and therefore allowable.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 9:15 am
I agree with Melanie. This is a business expense which should not even be listed on your income and expenditure. It should be listed on the projections and the profits used to fund your living costs and IVA payments.
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
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